Corporate Results Monitor

29Metals' first half revenue missed consensus by -2% miss. This was due to treatment & refining charges being offset against revenue. Macquarie notes earnings missed by -20% due to unwinding stockpiles. The cost base remains elevated. With cash outflows continuing as the miner invests in Golden Grove, Macquarie's predicts the balance sheet will continue to come into focus. Thus far, one Neutral rating.

6K Additive’s first-half revenue was broadly in line with expectations, rising 73% y/y, although Bell Potter notes earnings and profit were below forecast. Morgans highlights strong growth across the powder and alloy segments and an order backlog of around US$11.9m, lifting its FY26 revenue forecast by 10%, although higher costs weigh on NPAT. Both brokers remain positive on the longer-term outlook, with capacity expansion in Pennsylvania expected to support a material increase in production from late 2026 and the March quarter 2027. Two Buy ratings, one ascribed Speculative. 

a2 Milk Co delivered largely in-line FY26 results post the recent guidance update on July 7, with net profit after tax slightly above consensus. FY27 guidance disappointed, with mid-single-digit revenue growth and a circa 15% EBITDA margin, leaving EBITDA around -7% to -9% below consensus forecasts. Increased marketing spend and reduced operating leverage are anticipated to weigh on FY27 margins. Citi believes the China label recovery metrics will be more important than FY27 guidance, with operational issues largely de-risked. The real question is how quickly market share can recover for better FY28 earnings expectations. Morgans thinks guidance will prove conservative. UBS finds share price weakness overdone. Citi upgrades to make it five Buys and one Neutral/Hold.

Abacus Group’s FY26 FFO per security of 9.08c was marginally ahead of expectations, but FY27 FFO and distribution guidance were below forecasts, signaling a meaningful earnings reset as the REIT transitions towards an eastern seaboard office-focused operation. Macquarie highlights forecast reductions from the loss of Storage King management fees and changes to funding costs, while Citi points to further cost savings and improving office leasing trends. Both brokers see potential value from asset sales, particularly the 19.7% equity stake in Storage King ((SKG)), with Abacus trading at a substantial discount to NTA. Two Buys.

Accent Group’s FY26 result was broadly in line to slightly ahead of expectations. EBIT fell -25% y/y as weaker LFL sales and a -180bps decline in gross margin weighed. Morgans highlights growth from The Athlete’s Foot, key footwear brands and the Sports Direct rollout, while Citi sees substantial FY27 support from FX, store optimisation, acquisitions and cost savings. Trading remains the key concern, with LFL sales down -2% early in FY27 and promotional activity likely to pressure margins. The Frasers Group bid is likely to remain the key near term valuation anchor. Three Hold-equivalents and one downgrade to Accumulate from Buy. UBS' update pending.

Acrow’s FY26 result was broadly in line with expectations, with strong growth in Industrial Access offset by more subdued Construction activity, although the latter showed signs of improvement in 2H. Morgans and Ord Minnett highlight FY27 guidance as the key positive, pointing to a recovery in margins, strong early trading and a healthy forward order book. Recent acquisitions and increasing civil infrastructure activity should support growth, while improving leverage provides additional balance sheet flexibility. Two Buy ratings.

Acusensus’ FY26 result was solid and ahead of expectations, supported by accelerating international growth. Morgans highlights the international enforcement division moving into positive EBITDA as major contracts ramped up. Ord Minnett notes all Australian contracts due for renewal were retained and most were expanded. Both brokers see the FY27 outlook as well supported by contracted revenue and further opportunities across Australia and the US, with Ord Minnett suggesting guidance could prove conservative. Two Buy ratings, one ascribed Speculative.

Adairs’ FY26 result was broadly in line with guidance and expectations, with Ord Minnett noting underlying NPAT was 3.5% ahead of its forecast and EBIT 3.7% ahead. UBS highlights solid performances from Adairs and Mocka, offset by ongoing weakness at Focus on Furniture, where sales fell -27.6% y/y over the first eight weeks of FY27. Management has commenced a two-year turnaround. Morgans expects gross margin improvement and cost control to support the core Adairs business, and UBS points to improving margins but flags higher-than-expected FY27 capex and continued execution risk at Focus. Three Hold-equivalent ratings and one upgrade to Buy from Accumulate.

Adore Beauty’s FY26 result was below Bell Potter’s expectations, with revenue of $207.3m missing forecasts and underlying EBITDA of $3.8m falling below guidance following a difficult 4Q26. The expanding physical store network generated $18.6m of revenue but an estimated EBITDA loss of -$1.1m, highlighting the near-term cost of the omnichannel strategy. The analyst also flags increased execution risk given closing cash of just $715,000, as the company continues its store rollout against a softer consumer backdrop and higher operating costs. One Speculative Hold rating.

Adrad delivered an in-line FY26 result, with underlying EBITDA rising 10% to $19.5m, while statutory EBITDA was better than forecast due to a lower incentive accrual. Bell Potter highlights stronger-than-expected cash of $24.5m, a higher 2.56c final dividend and management’s expectation for a stronger first half, supported by a substantial order book. Bell Potter sees the result as increasing confidence in continued operational execution. Upgrade to Buy from Hold.

Advanced Engineered Materials' June-half sales were softer than Ord Minnett expected at 12.5t of high-purity alumina (HPA). Customer plant retooling delayed demand, although sales are expected to rise to 40t-60t in the December half. The company continues to target full 4N-plus capacity of 2,000tpa by end-2027, supported by growing commercial relationships and industrial trials, although sales from the 1,000tpa 3N-plus production line have been pushed out to mid-2028. Speculative Buy.

AGL Energy's FY26 result was lower than last year, but better than forecasts. Citi noted management achieved strong generation reliability and retail execution. UBS observes the FY27 guidance, with the midpoint for underlying NPAT, is around 3.5% above market expectations. The narrower 55%-60% dividend payout range is also considered supportive. As noted by several analysts, the main disappointment is the Retail Transformation Program, which requires an additional -$100m-$150m of investment while expected annual benefits of $70m-$90m have been pushed out to FY30. Upside to medium-term earnings are probable as thermal generation tightens electricity supply from 2028. Macquarie maintains risk remains to the downside, as power markets will weigh on earnings at the same time as favourable legacy contracts expire.Three Buy ratings versus two Sell-equivalents.

Ai-Media Technologies' FY26 result was a revenue beat against Morgans (a slower year on year decline than anticipated) while statutory earnings were in line with expectations as higher revenue offset higher costs. The company's annual recurring revenue grew 50% year on year, at the top of growth guidance, at an 85% ARR gross margin. Management has now evolved Ai-Media from a people business to a technology business and hopefully reset the growth trajectory though Morgans warns it may require some time for solid proof points and for investors to regain confidence in the outlook. Hold.

AIC Mines’ FY26 result was in line to slightly ahead of expectations, with underlying EBITDA up 87% y/y, although Ord Minnett notes underlying NPAT of $46.1m was -13% below its forecast due to higher depreciation and net interest costs. Bell Potter highlights solid operating performance, good cost control and stronger realised copper and gold prices. Both brokers remain positive on AIC Mines’ leveraged, unhedged copper exposure and organic growth strategy, with Ord Minnett forecasting production to double by FY29, although it sees increasing execution risk following the stock’s 168% rise over the past year. One Buy rating and one downgrade to Accumulate from Speculative Buy.

Alcidion’s FY26 result was better than expected, with EBITDA exceeding guidance and Bell Potter’s forecast. Underlying EBITDA rose 34% y/y. The broker highlights improving operating leverage, with staff costs falling to 53% of revenue from 65% in FY25, while ARR increased to $38.3m and the company finished debt free with $20.6m cash. Bell Potter notes contracted FY27 revenue of $44.9m provides good visibility, with its forecast requiring only $10.2m of additional revenue wins versus $17.6m achieved in FY26, although modest earnings downgrades were made following the result. Buy.

Alkane Resources’ FY26 earnings were slightly below expectations due to higher costs, but both Bell Potter and Ord Minnett highlight capital management as the key positive, with a maiden dividend and share buyback supported by strong free cash flow. Both remain positive on Alkane’s diversified production base, long mine life and debt-free balance sheet, while FY27 production guidance remains unchanged. Two Buy ratings, awaiting the UBS response.

AMA Group’s FY26 result was softer than Bell Potter expected as repair volumes recovered more slowly than anticipated in 4Q26, although normalised EBITDA still rose 9% y/y. Positive FCF helped reduce net debt to a better-than-expected $18.4m, while the 0.5cps fully franked final dividend was a positive surprise. FY27 EBITDA guidance is in line with the broker’s expectations and assumes further margin expansion. Morgans likes AMA’s market leading position and renewed balance sheet optionality paving the way for potential capital management initiatives, and is encouraged by early indications of abating headwinds and evidence of improving operating performance. Two Buy ratings..

Amcor's June quarter earnings came in at the top end of guidance and were better than expected, but guidance for the period ahead was weaker. The company is transitioning to a calendar year end and Citi observes the recent quarter volumes were much better than expected, due to foodservice, petcare & protein, while liquids & beauty/wellness were flat, and healthcare was down. As highlighted by Macquarie, the stock's performance is inversely correlated with the oil price. Analysts concur the valuation on the stock remains undemanding. Two Buy-equivalent ratings and two downgrades to Hold, so far.

Amotiv delivered in-line FY26 results but Citi returned from the post conference call with the view that Amotiv remains an always "next year or two story". Morgans highlighted FY27 is expected to deliver only modest earnings growth as offshore expansion and pricing benefits are tempered by weak A&NZ demand and some normalisation of LPE (Lighting, Power & Electrical) margins. UBS views the FY26 result as a reasonable result against the difficult Australian trading conditions, with offshore growth, stronger 2H26 margins and cost control supporting an underlying 'beat'. Macquarie believes at less than 9x near-term PER, the valuation remains attractive, despite the modest earnings outlook for FY27 and ongoing challenging conditions in A&NZ. Two Buy-equivalent ratings and two Hold-equivalent ratings, including one downgrade from Accumulate.

Although AMP's results were in line with July's upgraded guidance in trading update, the H1 release still positively surprised through a further $150m share buyback, higher dividend guidance and fund flows into the North platform. Underlying net profit after tax grew 32.8%, with a 50% rise in the interim DPS. Macquarie considers the result as further evidence management continues to stabilise the underlying business. UBS points to strong Wealth flows and margins, as well as a renewed $150m buyback, alongside better disclosure around the fast-growing Chinese operations, which are generating 22% of group profit. Ord Minnett explains rising asset prices, cost discipline, and exposure to an expanding China pension market should position AMP as more of a growth story going forward. Three Buy-equivalent ratings, and one Neutral. One broker update is pending.

Amplitude Energy’s FY26 result was broadly in line with expectations, with Ord Minnett highlighting operating EBITDA of $198m and Bell Potter pointing to strong operational cash generation of $191m. FY27 production, cost and capex guidance was considered solid, although both brokers incorporated higher costs and capex into forecasts, with Bell Potter cutting FY27 earnings by up to -16%. Macquarie highlights the company’s well-timed gas contracting strategy, with around 80% of legacy 2026 production contracted, while the Juliet drilling result and potential Nestor option exercise are key upcoming catalysts. Four Buy-equivalent ratings.

Ampol's First-half EBIT more than tripled to $1.35bn, beating forecasts by 22%, as Middle East tensions drove the Lytton refining margin sharply higher. The refinery margin for 1H came in at US$28.26/bbl, up 282% y/y with refinery production of 2.9BL up 9% y/y. Alas, maintenance for Lytton is scheduled from Aug–Oct and this tempers the outlook with a decline in production of -0.3BL forecast. Ord Minnett finds the U-Go conversions are proceeding well, pointing to over $300k earnings (EBITDA) forecast per site. This broker sees earnings upside risk to forecasts if management aims to convert more sites. Two Buy-equivalents versus Ord Minnett on Accumulate and UBS on Neutral/Hold. Forecasts have received a boost.

Ansell’s FY26 result was ahead of expectations, with brokers highlighting stronger 2H26 momentum and Healthcare as the standout, particularly Surgical and higher-margin Cleanroom products. FY27 EPS guidance of US$1.58-US$1.70 was also comfortably ahead of forecasts, supported by improving volumes, pricing and FX, although Morgans and Macquarie note some earnings growth reflects buybacks, FX and timing benefits rather than underlying operations. UBS and Morgan Stanley also caution customer stocking boosted Healthcare sales, while potential glove price reductions could create a 2H27 headwind. Strong cash flow and lower leverage provide additional support. Analysts remain cautious over how much of the improvement in organic growth and margins can be sustained. Six Hold-equivalent ratings including a downgrade from Accumulate.

Anteris Technologies reported a 1H26 net loss of -US$51.6m, which was more than Bell Potter expected as operating expenses increased around 33% to US$56m, while the company ended the period with US$257m in cash against operating cash burn of -US$49.4m. The broker expects DurAVR to begin generating material trial-related revenue in 2H26 The next catalyst is an update on DurAVR safety and efficacy, likely in 4Q26, while additional funding is expected to be required before PMA and CE Mark approvals are secured. Bell Potter downgrades to Speculative Hold from Speculative Buy due to share price appreciation.

APA Group’s cost-out program emerged as a highlight of FY26, with $80m of savings comfortably exceeding the $50m target and another $20m expected in FY27, Macquarie notes. EBITDA was broadly in line with expectations, while Macquarie highlights underlying NPAT rose 10%, beating its forecast and consensus. Citi points to free cash flow per share beating consensus by 3.5%. FY27 EBITDA guidance is broadly in line, with Macquarie and Citi encouraged by the expanded $3.5bn organic development pipeline. UBS remains more cautious given elevated leverage and contracting pressures across parts of the East Coast grid. Two Buy-equivalent ratings, and three Sells, with Morgan Stanley yet to update.

ARB Corp's FY26 underlying profit before tax exceeded consensus by 3% as cost control supported a stronger-than-expected 16.9% margin. Management expects FY27 conditions to improve as vehicle availability recovers, particularly for Toyota models, and the US retail rollout accelerates. Morgans believes ARB Corporation is emerging from the cyclical low with meaningful FY27 tailwinds. Citi sees a positive FY27 outlook but awaits evidence of improving sales growth. Macquarie remains cautious given new vehicle sales trends and further risks to Australian consumers. UBS wants to see how the impact of falling property values impacts on new vehicle sales. One downgrade to Neutral to make it three against three Buys.

Arena REIT’s FY26 result was broadly in line with expectations, with operating EPS up 5.7% y/y and distributions up 5.5% y/y. FY27 distribution guidance was below expectations as management assumes no rental income from Edge Early Learning following its request for rent relief and subsequent default notice. Morgan Stanley and UBS highlight Edge as the key uncertainty, with the affected properties written down -10% and representing 14% of income. UBS points to full occupancy, 4% rental growth and low gearing as positives, while Morgan Stanley is more cautious on further development given the increase in childcare centre closures across the industry. One Buy, one Neutral/Hold and one Sell-equivalent, thus far.

ARN Media's H1 topline and EBITDA missed consensus by -24%.UBS blames a decline in metro radio revenue share from the impact of the breakfast show coupled with a strong pcp supported by the Federal election. Management expects broadly flat FY26 audio revenue, with digital growth and $55m of cumulative cost savings offsetting continuing radio weakness. UBS retains Sell, with audience-share recovery and the talent reset the potential catalysts, while further advertising and market-share deterioration remain the principal risks. 

Early evidence of Salix delivering meaningful workflow benefits is emerging as Artrya enters FY27, with Tanner Health reporting CCTA interpretation times reduced by around -50-80%, Bell Potter highlights. The FY26 operating loss of around -$27.6m was largely in line with expectations and reflects the platform’s early commercialisation phase. Cash of $74m leaves Artrya funded through to the broker’s anticipated break even in FY28. Buy.

Aspen Group delivered a strong FY26 result, with underlying operating EPS of 21.8c up 30%, beating guidance and broadly meeting Bell Potter’s expectations, supported by strong rental income and development profits. Citi and Bell Potter highlight upgraded FY27 EPS guidance of 26.1c, alongside 12c DPS and increased development targets, while near-full rental occupancy and a conservative 22% LTV provide further support. Both brokers remain positive on the outlook, with Bell Potter lifting earnings forecasts by up to 4% over the forecast period. Two Buy ratings.

Early indications are ASX's FY26 underlying NPAT of $536m was 1% ahead of consensus, with slightly stronger revenue offset by weaker net interest income. Delving in, Citi's finds each division reported marginally higher-than-expected revenue, with the resilient futures contract yield a positive highlight, but this was partly offset by lower net interest income. UBS highlights a strong start to FY27 across listings, cash equity turnover and interest rate futures volumes, which it sees as potential sources of earnings upside. Management reaffirmed its total cost guidance for FY27 (up 18%-21% year on year) while suggesting the Listings pipeline is the strongest in years. Post release, three brokers have downgraded, to make it three Neutral/Hold ratings versus two Sell-equivalents, with one more update pending.

With traffic and toll revenues pre-released, Atlas Arteria's 1H26 operating and financial performance was broadly in-line with expectations. The company has ceased providing multi-year dividend guidance. 2027 guidance is deferred until the February 2027 result. 1H26 was a tough half, Macquarie notes, with fuel prices causing traffic elasticity that continues to drag on France, such that revenue growth is likely to be flat or negative. Citi likes the medium-term outlook for value release from Dulles and Skyways refinancing. Morgan Stanley highlights the pause in new brownfield opportunities. Thus far, four Neutral/Holds.

Atturra’s FY26 result was in line with company guidance but modestly below Morgans’ expectations, with revenue of $351.8m at the top of guidance and underlying EBITDA at the lower end following the termination of a disputed fixed-term contract. The analyst cuts FY27 and FY28 earnings forecasts by around -1-3% to reflect increased investment and accelerated capital deployment. The shares are viewed as materially undervalued, but the broker believes investors will require evidence of returns from the additional investment, particularly given expectations for a softer first half. One downgrade to Hold from Buy.

AUB Group's FY26 performance met guidance and expectations while FY27 underlying profit guidance of $245m–$265m has a midpoint around -3% below consensus, reflecting currency movements and higher funding costs. Citi comments the International division performed slightly ahead of forecasts, with few signs of material issues at London-based international insurance and reinsurance broker Tysers. Agencies disappointed due mainly to weaker strata earnings. UBS observes management remains positive around its multi-year margin expansion strategy. Macquarie sees attractive growth at a valuation discount to historical levels. Thus far, one upgrade to Buy to make it four.

Auckland International Airport has made a strong start to FY27, with July international passengers rising 5% y/y, supported by US and Chinese travellers, while domestic traffic fell -2%. Macquarie argues the airport delivered a resilient FY26 result despite slowing passenger momentum, retail disruption and rising depreciation. Citi forecasts FY27 international passenger growth of around 3% and a -2% domestic decline, and sees medium-term earnings upside from the airport’s more than NZ$6bn capex program, although Air New Zealand capacity constraints and weaker economic sentiment remain near-term risks. One Buy and one Neutral rating, pending one more update.

A veritable 'sigh of relief' can be heard as analysts point to a recovery for Audinate Group in FY26 results from the post-covid downturn, beating forecasts. As highlighted by Macquarie, destocking is complete and the core audio business is stabilising. UBS points to the acceleration of growth in 2H to 17%, with robust support for Avio adapters. Morgan Stanley sees stabilisation and inventory destocking as sufficient to upgrade the stock to Overweight (Buy-equivalent). Macquarie added its own upgrade, resulting in three Buy-equivalent ratings.

Aurelia Metals reported underlying FY26 earnings 16% above consensus. A final fully franked dividend of 1c was not expected. While the company did not release a capital management framework, Macquarie has now incorporated an annual dividend moving forward of 1c-2c which reflects a 2% dividend yield. Aurelia indicated that the outlook for FY28 is for a continuation of the strong gold production seen in FY26 and planned for FY27. Two Buys.

Aurizon Holdings largely reported in-line FY26 results, with Citi noting coal, bulk and network earnings met expectations. Morgans pointed out FY27 EBITDA guidance of $1.725-$1.775bn is around -3% below consensus, while DPS guidance of 23-24cps is around -7% below expectations. Coal contracted volumes are expected to fall by -20Mt to 211Mt, partly reflecting the loss of Whitehaven Coal ((WHC)) volumes, with Aurizon launching a three-year transformation program targeting $30m in annualised savings. Macquarie sees the company as operating in a low-growth environment, with its share of the coal market shrinking. Morgans upgrades to make it four Neutral/Hold ratings versus one Sell.

Aussie Broadband’s FY26 result was broadly in line to modestly ahead of expectations, with EBITDA beating consensus despite softer gross profit and pressure on Residential margins. The latter are disappointments overwhelming the positives. Macquarie and Citi are cautious on intensifying competition and margin pressure, while UBS and Ord Minnett highlight accelerating Residential subscriber growth, AGL migrations and improving operating leverage as supportive of FY27 growth; Morgan Stanley also notes continued Consumer Broadband market-share gains but flags potential longer-term competition from Starlink. FY27 EBITDA guidance of $205m-215m was broadly in line with expectations, while the $115m buyback provides additional support. Five Buy-equivalent ratings.

Better than expected margins and cost efficiencies assisted Australian Clinical Labs to announce a better than expected FY26 result, some 7% ahead of Macquarie's expectations. Ord Minnett suggests, with underlying profit up 4% year on year and 9% ahead of its forecast, the result was a great achievement against tough operating conditions. FY27 EBIT guidance came in 3% above the consensus estimate at the midpoint, despite significant wage inflation pressures. Billing initiatives, price increases, automation and AI efficiencies are expected to help offset higher labour costs, but the Macquarie analyst sees execution risk. Two Hold-equivalent ratings.

Australian Finance Group’s FY26 result included underlying group profit rising 33% and the Manufacturing segment up 86%, supported by 30% loan book growth and improved margins. Macquarie highlights continued securitisation loan book growth as supportive for earnings, despite residential lodgements falling -16% amid mortgage market headwinds. Citi similarly points to increasing income diversity and resilience, although it expects the housing slowdown to persist and forecasts FY27 lodgements to decline -15%. One Buy-equivalent and one Hold rating.

Autosports Group’s FY26 result was in line with previously downgraded guidance, with revenue up 11% and profit at the top end of guidance. Macquarie sees early signs of improvement in recent auto data and notes strong EV demand provides better FY27 visibility as orders convert to deliveries. A meaningful re-rating may require European EV supply constraints to ease and consumer conditions to improve, with recent rate rises, tax policy changes and weaker ICE vehicle demand posing downside risks to revenue and margins. One Buy-equivalent rating. Awaiting an additional update.

Avita Medical's 1H26 results were better than Bell Potter expected, prompting an upgrade to Speculative Buy from Speculative Hold. Revenue for 2Q came in up 18% y/y to US$21.7m, which was above the US$20m forecast, underpinned by more robust Recell volumes and growth from Cohealyx and PermeaDerm. Both costs and cash flow improved. The earnings (EBIT) loss narrowed to -US$6.9m and cash use fell to -US$3.2m from -US$9.9m in 1Q. Management upgraded FY26 revenue guidance and flagged cash flow breakeven in 4Q26. Earnings forecasts are raised for the current fiscal year and trimmed for FY27. Morgans downgrades following a sharp share price rally.

Baby Bunting's pro-forma FY26 profit improved 33.9% to $16.1m, at the lower end of guidance, with like-for-like sales up 4.3% in the first six weeks of FY27, while refurbished stores continue to outperform. FY27 pro-forma NPAT guidance of $19m–$21m implies around 24% growth, with earnings weighted towards the second half. The retailer will undergo a period of weaker free cash flow during refurbishments, Macquarie notes, but improving into FY27. Morgan Stanley suggests high-return store refurbishments and long-term network expansion underpin substantial multi-year earnings growth potential for the category leader. Ord Minnett sees Baby Bunting’s earnings turnaround continuing in FY27 despite near-term macro headwinds. Earnings forecasts have nevertheless been downgraded, pulling down price targets (but still leaving a large gap with the share price). Morgans upgrades to make it five Buys from five.

Suffice to say the shorters were roasted on Bapcor's better-than-anticipated FY26 earnings, with Macquarie noting a 3% beat to consensus despite difficult trading conditions. Sales momentum improved through 2H26, market share increased and net debt fell materially, providing early evidence the strategic turnaround is gaining traction. Macquarie and Citi expect FY27 to remain a transition year, with modest revenue growth and earnings heavily weighted to 2H27 as investment continues. Trade Parts and Networks are performing well, while Retail, NZ and Trade Equipment remain challenging. Two Hold-equivalents including one upgrade from Sell.

Bathurst Resources’ FY26 consolidated EBITDA of NZ$45m was in line with Ord Minnett’s expectations, while the underlying loss after tax of -NZ$3m was better than forecast due to lower depreciation and higher interest income. The balance sheet remains a key strength, with NZ$145m of consolidated cash, including restricted cash, equivalent to around NZ$0.60 per share. The submission of the Buller development application is considered an important step, with consent expected by June 2027 and first bypass coal targeted for FY28. One Buy rating, ascribed Speculative.

Beach Energy's FY26 underlying net profit marginally exceeded consensus, but FY27 production guidance is -6% below at the midpoint while depreciation and capex guidance are respectively 13% and 4% higher. Management's freshly announced strategy also places a big question mark over future dividend payments. Some analysts suggest there might be a zero payout beckoning. Forecasts have been culled. UBS considers reserve replacement increasingly urgent, with Beach holding only around six years of 2P reserves, although low gearing provides capacity to borrow $900m-$1.1bn for development or acquisitions. Three Neutral/Hold ratings against four Sells.

Beacon Lighting’s FY26 result was broadly in line to slightly ahead of expectations, with revenue up 3.5% and underlying profit down around -4%, while sales momentum accelerated into year-end. Comparable store sales rose 7.1% in 4Q26 and remained strong early in FY27. Trade continues to be the key growth engine. Morgans, Ord Minnett and Bell Potter see an improving FY27 outlook as retail conditions recover and Trade continues to gain market share. Citi remains cautious on margins given the shift towards lower-margin Trade sales and the broader macroeconomic backdrop. Three Buy ratings and one Hold-equivalent.

Bega Cheese delivered at the top end of FY26 guidance, with revenue of $3.78bn and underlying EBITDA rising 12% to $226m. UBS points to balance sheet strength, with net debt of $152m representing conservative leverage of 0.8x. FY27 normalised EBITDA guidance of $240m-$245m implies further growth, while management reaffirmed its medium-term targets of more than $250m in FY28 and more than $310m by FY31. Morgans downgrades on a stronger share price, to join Ord Minnett and UBS on Hold. Bell Potter sits on Buy. More responses are pending.

Bendigo & Adelaide Bank’s 2H26 result was better than expected, with cash profit around 5% above consensus and NIM improving 6bps to 1.98%, supported by other income and cost management. However, Macquarie, Citi, Morgan Stanley and Ord Minnett focus on APRA’s licence conditions and the three-year -$70m non-financial risk remediation program, which adds to existing regulatory issues and increases execution risk. Analysts warn remediation could divert resources from technology and growth initiatives, while slowing credit growth, margin pressure and regulatory costs create further challenges to improving ROE. One downgrade to Hold from Accumulate to make it two versus three Sell-equivalent ratings.

Betr Entertainment's FY26 underlying EBITDA loss was in line with guidance and slightly better than Ord Minnett's -$7.7m forecast, helped by stronger-than-expected 2H26 EBITDA of $6.1m. FY27 EBITDA guidance of $13m-$19m has been reiterated, with positive operating cash flow expected to broadly track normalised EBITDA, although both are likely to be heavily weighted to 2H27. Early FY27 trading is encouraging, with turnover up more than 20% y/y and new customer acquisitions up 97% excluding the World Cup, alongside a 30% increase in same-game multi turnover and a 31% reduction in customer acquisition costs. One Buy rating. Morgans' update is pending.

BHP Group’s FY26 result was better than expected overall, with underlying EBITDA of US$32.9bn and NPAT of US$13.2bn ahead of forecasts. The US99c final dividend was a positive surprise. Net debt fell to US$8.7bn. Morgans and Morgan Stanley highlight strong copper earnings, capital discipline and BHP’s attractive organic copper growth pipeline. Macquarie sees potential for a more cash flow-oriented approach to shareholder returns. Ord Minnett is more cautious, noting declining near-term Escondida grades, higher medium-term capex of around US$11bn and consequent earnings downgrades. One Buy-equivalent, three Hold equivalents, and one downgrade to Trim from Hold, with more updates pending.

Big River Industries’ FY26 result was broadly in line with expectations despite subdued residential construction conditions, with Ord Minnett highlighting improved margins and a solid contribution from the Johns Building Supplies acquisition. The broker sees the outlook improving, with management targeting double-digit EBITDA growth in FY27 as pricing, product mix, procurement initiatives and further operational efficiencies support earnings. Buy.

Biome Australia’s FY26 normalised profit rose to $1.2m from $0.2m, but was below Bell Potter’s expectations due to higher-than-forecast opex, albeit the market interpreted the result as better than feared. The broker notes Biome needs FY27 sales of $33m, representing 38% growth, to achieve its three-year Vision27 target of $75m in cumulative sales. The analyst expects a substantially larger contribution from the international business in FY27, alongside several new product launches. One Buy rating.

Boosted by stronger North American and Australian earnings, BlueScope Steel served up better-than-expected 1H27 guidance, according to Macquarie's first take, coming in 11% ahead of consensus expectations at the midpoint. UBS points out 2H26 EBIT was 3% above consensus, with all divisions except Australian Steel Products outperforming. Operating cash flow of $938m was also better than expected. BlueScope announced around $750m of additional capital returns in calendar 2027, highlighting strong cash generation and shareholder returns. Morgan Stanley highlights management plans shareholder returns of $3.00 per share in 2027, combining ordinary dividends with buy-backs and special dividends. Ord Minnett and Macquarie have a problem with valuation and downgrade respectively to Sell and Neutral, versus one Buy rating and one Neutral/Hold.

Boss Energy’s FY26 result was overshadowed by the revised Honeymoon feasibility study and weaker FY27 outlook, with Macquarie highlighting a substantial profit miss. UBS and Morgan Stanley have cut near-term production expectations. The new study targets 13.8mlbs of U308 production over nine years, but lower production, higher costs and significant sustaining capex are expected to constrain near-term earnings and free cash flow. Brokers broadly agree FY27 will be a critical transition year, with execution of the wider-spaced wellfield strategy key to rebuilding confidence. Two Buy-equivalent ratings. One Hold-equivalent and one Sell, downgraded from Hold. Awaiting Citi's update.

Brambles’ FY26 result was broadly in line with expectations, with revenue up 6% y/y and underlying EBIT rising 9% y/y, despite US repair capacity constraints costing around -US$90m. Morgans, Macquarie, Citi, UBS and Ord Minnett agree the US disruption remains the key near-term issue, with further costs expected in 1H27 before remediation efforts support a stronger 2H27 and FY28. Citi and UBS are relatively more constructive on the recovery and longer-term growth, while Macquarie and Morgans remain more cautious given execution risks, the macro backdrop and valuation. Three Hold-equivalent ratings and three Buy ratings.

Bravura Solutions announced FY26 results which met recently upgraded guidance. Macquarie liked the expansion in cash earnings margins to around 30%, and FY27 guidance points to further improvement to 31%. Positively, all key customer contracts were renewed over the year, including the extension of one of the at-risk clients. The analyst highlights the first key anchor client in the UK workplace pensions sector was secured, which is seen as a growth area for expansion. Post EPS upgrades, Macquarie emphasises management continues to deliver ahead of expectations. Buy.

Breville Group’s structural growth story remains intact despite FX and cost headwinds taking some shine off FY26. Macquarie points to particularly strong growth across newer markets, including China and the Middle East, while Citi believes lower tariffs, geographic expansion and new products leave FY27 better positioned for earnings growth. Morgan Stanley views the current headwinds as transitory and highlights improving margins. Other analysts also point to the strong net cash position as providing flexibility for further investment or M&A. Six Buy-equivalent ratings, including one downgrade to Accumulate from Buy.

Bubs Australia’s FY26 result was broadly in line with expectations, with EBIT within guidance and ahead of Ord Minnett’s forecast. The US remained the key growth market, while performance elsewhere continued to lag. Ord Minnett and Bell Potter differ on the pace of the recovery, with the former cutting FY27-FY28 earnings forecasts while Bell Potter upgrades its estimates on improving US shipment momentum. Margin recovery and securing permanent US market access remain important to the outlook. Two Buy-eqivalents, one ascribed Speculative.

BWP Trust’s defensive qualities were reinforced by its FY26 result, with improving rental growth, high occupancy and a stronger balance sheet supporting the outlook. The market's downbeat response suggests investors were looking for more positives. Citi highlights the benefits of the strategic reset, including lower management costs and a substantial extension in the portfolio’s weighted average lease expiry. UBS points to progress on the large format retail strategy and development pipeline. FY27 dividend guidance of 20cps is modestly ahead of consensus, although Macquarie and Morgan Stanley note the payout is expected to exceed FFO, implying broadly flat underlying earnings. Three Hold-equivalent ratings and one Buy rating.

Capricorn Metals’ FY26 result was broadly in line with expectations, although UBS highlights higher corporate and exploration costs, while the full-year dividend was ahead of consensus. FY27 production guidance of 137-147koz at AISC of $1,900-$2,100/oz was reaffirmed. UBS remains more positive on exploration upside and higher gold prices. Mt Gibson permitting remains the key near-term catalyst, with the project and Karlawinda expansion expected to drive the next phase of production growth. Two downgrades to Hold-equivalents from Buy and one Buy. Ord Minnett yet to respond.

Capstone Copper's quarterly performance proved broadly in line with expectations. UBS notes FY26 guidance was reaffirmed despite concerns over higher sulphuric acid costs and potential cathode constraints. UBS also notes changes at Mantoverde will shift production towards higher-margin sulphides, while hedging and operational initiatives have reduced exposure to diesel and sulphuric acid price volatility. Morgans points out the quarterly result represented the seventh consecutive quarter of record adjusted earnings (EBITDA). Four Buy ratings. C'mon, Ord Minnett!

Car Group's FY26 result met expectations, with some lingering question marks over the outlook, despite management's positive guidance. The sharp stock price rally post result may have reflected a scramble by shorts to cover their position, on what are presumably 'better-than-feared' results. Morgans noted FY27 guidance implies double-digit revenue and earnings growth maintained into FY27, including investment in key growth segments such as AI and product. Macquarie pointed to the softening in consumer sentiment in A&NZ post the start of the Middle East war and expects FY27 net profit to come in at the lower end of guidance. Citi cautions on a weaker macro environment while Bell Potter likes the geographical diversification of the global business. Six Buy ratings and one Hold-equivalent.

Cash Converters International’s FY26 revenue was in line with Bell Potter’s expectations, while operating EBITDA reached $67m as franchise store acquisitions in Australia and the UK offset the continued run-down of legacy lending. The broker highlights the -52% y/y reduction in bad and doubtful debts and continued growth in the lower-risk Cashies Loan book as evidence the strategic transition is progressing as planned. FY28 is expected to mark an inflection point for stronger earnings growth as the expanded store network and new lending model mature. Buy.

Cedar Woods Properties’ FY26 result was ahead of guidance, with Bell Potter highlighting record pre-sales that provide strong earnings visibility into FY27 and FY28. The broker upgrades forward EPS forecasts, supported by revised settlement expectations and interest rate assumptions. Despite a softer residential sales environment, Bell Potter believes strong embedded project margins, continued replenishment of the development pipeline and modest gearing leave Cedar Woods well positioned  Buy.

Centuria Capital’s FY26 result was in line with expectations, but FY27 EPS guidance of 13.0c was around -8% below consensus, reflecting higher tax and interest costs. Macquarie, UBS, Morgan Stanley and Bell Potter cut earnings forecasts, with uncertainty around Centuria Bass and the timing of ResetData’s contribution weighing on the outlook. ResetData customer wins and resolution of the Bathla exposure remain important catalysts, although brokers generally see improved value following the sharp share price decline.Two Buy-equivalent ratings. Two hold-equivalent ratings including an upgrade from Sell-equivalent. Awaiting a response from Ord Minnett.

Centuria Industrial REIT's FY26 funds from operations, up 4%, were at the low end of the guidance range and slightly below consensus. FY27 guidance equates to 3.3-5.5% growth on FY26; above consensus. Macquarie notes guidance assumes a contribution from leases over the two 100%-vacant assets Bundamba and Fairfield East. The REIT has strong leads over the space, but certain deals may be subject to the tenant winning customers contracts. Management has an identified pathway to potential 250MW-plus data centre capacity. Thomastown and Clayton in Victoria represent the near term larger opportunities. UBS points out leasing remains central to the outlook, with progress on major vacancies offering scope to reach at least 19c, while potential deployment of asset sale proceeds into the buyback could provide further accretion. One Buy, four Hold-equivalent ratings, include one downgrade from Accumulate. One update pending.

Centuria Office REIT's FY26 result and subdued guidance for FY27 weren't as bad as Bell Potter and Morgans had feared, but UBS had slightly higher estimates and has been forced to reduce forecasts. UBS says a further circa $225m in asset sales is required to reduce gearing to what it views as a more appropriate level of around 32%-33%. Bell Potter notes distribution guidance is still above its FY27 estimate, implying it will again be topped up with capital. Bell Potter sees earnings risks remaining to the downside. Morgans states the prospect of higher interest rates compounds headwinds for a leveraged portfolio with limited near-term earnings growth. Two Sell ratings versus one Neutral.

Challenger’s FY26 result was modestly ahead of expectations amidst record annuity sales up 19%, while offshore reinsurance sales rose 25%. Ord Minnett and Citi highlighted reduced capital intensity and the potential for further capital returns. The earnings outlook was less clear-cut. UBS pointed to weaker 2H26 core earnings as tighter credit spreads and higher funding costs weighed, while Ord Minnett expects greater dilution from the Fidante transaction. Macquarie considers the capital returns and offshore growth opportunities largely priced in, while Citi is more positive on the potential for lower capital requirements to drive stronger returns and further capital management. Two Buy ratings, two Neutral ratings, pending one further update.

Champion Iron's quarterly performance disappointed with high-grade product sales deferred amidst ongoing DRPF ramp up. Bell Potter expects iron content price premiums for the DRPF, full "value-in-use" premiums unlikely to be realised until longer-term offtake is secured. The positive news is, this project is now largely complete and within budget and minor issues are being resolved. Forecasts are reduced. One Hold rating.

Charter Hall’s FY26 result was broadly in line with expectations, with operating earnings up around 27% and property FUM up 14%, supported by record capital inflows, strong transaction activity and higher development earnings. Several brokers highlighted the strength of the integrated platform and improving earnings visibility, while Morgan Stanley noted some FY26 transactions have yet to contribute fees, providing a tailwind into FY27. FY27 earnings guidance for 10.5% growth was slightly below consensus, but Citi, UBS, Morgan Stanley and Ord Minnett consider it conservative given no performance fees are assumed and Charter Hall’s history of upgrading guidance. Five Buy-equivalent ratings include an upgrade from Hold-equivalent.

Charter Hall Long WALE REIT's FY26 result proved in line with guidance and broker's expectations. UBS believes the operational metrics remained solid, with occupancy at 99.9%, LFL rent growth of 3.0% and a WALE of 9.2 years, while balance sheet gearing declined to 27.5%. FY27 interest rate hedging increased to 85% at an unchanged 3.0% hedge rate with refinancing benefits, although the cost of debt increased to 4.7% and look-through gearing is no longer disclosed. The Citi analyst likes that the NTA increased 2.6% to $4.71 per share, leaving the stock trading at an -18% discount, while pro forma gearing of 27.5% remains within the 25-35% target range. One Buy rating, one Sell rating, and two on Neutral/Hold, plus Ord Minnett's Accumulate.

Charter Hall Retail REIT's operating EPS of 26.4cps is in line with upgraded guidance. FY27 operating EPS guidance of no less than 27.3cps (growth of 3.5%) and DPS guidance of 26.4cps are broadly in line. Macquarie highlights guidance excludes potential capital recycling opportunities which present potential upside if the REIT is able to continue recycling lower yielding assets into higher yielding ones as it demonstrated through FY26. Citi's commentary points out NTA per unit rose 8.4% to $5.03, placing the stock at a circa -19% discount to NTA. The A-REIT sector average is -13.8%, the broker highlights. Citi also believes the REIT's portfolio transformation into a balanced mix of convenience shopping centres and net lease retail has strengthened earnings resilience. Both Macquarie and Ord Minnett downgrade to Neutral versus three unchanged Buy ratings.

Charter Hall Social Infrastructure REIT delivered a 13.1% increase in FY26 operating earnings to 17.3c per unit and an 11.8% increase in distributions to 17c per unit. Guidance is for FY27 operating earnings to be no less than 18.1c per unit with distributions of 18c per unit. Ord Minnett (Buy) found the results and guidance broadly in line with expectations. Forecasts are revised to reflect higher net property income forecasts as well as increased interest costs from higher gearing.

Chorus’ FY26 result was in line with UBS and consensus, with EBITDA of NZ$726m as weaker fibre revenue was offset by copper recycling and lower network maintenance and IT costs. FY27 EBITDA guidance was also broadly in line, but higher-than-expected capex, softer fibre pricing and no upside surprise on dividends weighed on the outlook. One Neutral rating, awaiting an update from Macquarie.

Chrysos delivered a FY26 result that revealed underlying EBITDA of $27.2m, up 69% but slightly below Bell Potter's estimates. A significant uplift in AAC stemmed from higher Photon Assay fleet utilisation as increased global exploration activity meant more samples were processed. The company has guided to FY27 revenue in the range of $108m-$118m and EBITDA in the range of $35m-$42m. A doubling of the fleet to 92 units is expected over the next three years. The analyst upgrades EPS forecasts by 85% for FY27 and 40% for FY28, largely because of material reduction in depreciation following the extension of deployed units' useful life being applied prospectively. One Buy rating.

Cleanaway Waste Management’s FY26 result was in line with expectations and guidance, with EBIT of $470m and profit and the dividend both rising 14%. Morgan Stanley and UBS highlight growth from Solid Waste Services and Contract Resources, while weakness in Health and parts of Industrial Services weighed on the result. FY27 EBIT guidance of $500m-$530m is broadly in line with expectations, with collections growth and recovery in Health and Oils & Technical Services partly offset by higher technology and Blueprint investment. Both brokers expect investor attention to remain focused on execution of EQT Infrastructure’s $3.13 per share takeover proposal. Two Buy ratings, one downgrade to Hold-equivalent from Overweight. Macquarie is on research restriction and Morgans' update is pending.

Clinuvel Pharmaceuticals' FY26 revenue fell -1% to $94.0m, while underlying earnings (EBITDA) declined -2% to $41.5m, both below Bell Potter's forecasts.  US Scenesse sales fell -15%, with competitive pressure emerging from US-listed biotechnology company Disc Medicine's expanded access program for bitopertin. FY27-FY29 profit forecasts fall by -$3m, -$6m and -$11m, respectively, reflecting lower Scenesse sales assumptions. Downgrade to Speculative Hold from Buy.

Cochlear’s FY26 result was slightly better than expected, with underlying profit around 4% ahead of consensus despite gross margin pressure, as lower costs and FX gains provided support. Macquarie, UBS, Morgan Stanley and Ord Minnett note FY27 guidance points to subdued growth, with China pricing and reimbursement pressure, moderating services revenue and mixed developed-market demand constraining the outlook. Citi believes 2H26 likely marked the earnings low point, while analysts generally see cost reductions, improved implant growth and longer-term potential from totally implantable devices supporting an eventual recovery. Six Hold-equivalent ratings including one upgrade from Sell..

Codan enters FY27 with strong momentum across both its core businesses following a better-than-expected FY26 result. UBS highlights robust performance from Communications alongside accelerating earnings momentum in Metal Detection, which helped drive NPAT up 69% y/y. Operating cash flow also strengthened materially, rising 70% y/y. Management expects Communications revenue to grow around 20% in FY27, with strong order momentum providing further support for the outlook across both divisions. Bell Potter highlights that continued upgrade potential in Communications from the unmanned warfare thematic underpins the positive outlook, though caution remains regarding potential slowing in Metal Detection sales. On the strong rally, Ord Minnett downgrades to Accumulate from Buy, versus one Buy and one Neutral/Hold.

COG Financial Services’ FY26 result was ahead of expectations, with EBITDA up 28% y/y and Ord Minnett noting adjusted EPS of 15.6c beat its forecast by 8%. Morgans highlights NPATA-to-shareholders was 12% above consensus. Strong growth in Novated Leasing and Salary Packaging was the key driver, with settlements up 66% y/y and salary packaging customers up 31% y/y/. Earnings forecasts are upgraded with further upside from organic growth, acquisitions and additional novated leasing penetration flagged. Three Buy rating.

Cogstate delivered a better-than-expected FY26 result, with revenue and EBITDA beating Bell Potter’s forecasts, supported by stronger gross margins and clinical trials activity. The broker highlights a record US$118.5m contracted revenue base entering FY27, providing strong growth visibility, while increased revenue forecasts are partly offset by higher investment to support scaling and automated technology solutions. Buy.

Coles Group's FY26 performance broadly met forecasts. Supermarket sales and margins were slightly weaker than expected, while Liquor disappointed on margins. Guidance is for FY27 capital expenditure of $1.55bn, materially above market forecasts, reflecting investment in distribution infrastructure, stores and operational capabilities. Higher expenditure and subdued liquor performance temper the otherwise solid result, UBS comments. Macquarie remains attracted to underlying execution despite the volatility. UBS sees management's multi-year program to reposition the business as "sound" but emphasises the business is facing several headwinds in the alcohol segment which challenges the turnaround. Citi downgrades to Hold on valuation to make it three against four Buy-equivalents.

CommBank's FY26 results were in line with expectations. For Macquarie, the result was "relatively clean". Citi noted revenue met expectations and 2H26 NIM of 2.06% was in line, although weaker asset pricing was offset by portfolio mix and treasury and markets. Costs rose around 6% to $13.76bn, with FY27 investment spending capped at $2.4bn and gross AI productivity benefits expected to double from around $200m in FY26. UBS highlighted increasing competition in mortgages and deposits, with mortgage applications down -15% since May, and housing lending contributing -2bps of NIM pressure in 2H26, although business lending remains strong. CET1 finished at 12%, while FY27 investment spending is expected to remain at $2.4bn and the existing $1bn buyback will not be extended beyond the $300m completed. As per always, the big debate is about 'valuation'. Five Sell ratings.

Computershare's FY26 performance slightly beat forecasts. UBS notes a boost from strong transactional activity. Employee share plan trading and corporate actions supported revenue growth, while 2H26 operating cost growth accelerated to 6.5%. Ord Minnett flagged margin income of US$755.6m also beat expectations as higher client balances offset lower yields, while additional hedging has reduced earnings sensitivity to interest rate movements. Macquarie pointed out FY27 guidance is in line with expectations, with margin income at $770m. Management expects further cost reductions of around -$50m in FY27. Citi sees FY27 earnings guidance as achievable and potentially conservative given assumptions for lower margin income balances and some improvement in the underlying businesses. Four Hold-equivalent ratings.

With Coronado Global Resources' production increasing 37% in the June Q, earnings also improved, providing an evidence point of the operational reset. This has helped the cost base to normalise, with cash costs falling -28% quarter on quarter. Yet a first half underlying loss of -US$241m missed consensus by -20% on higher net finance costs and a lower tax benefit. Bell Potter points out 2026 guidance signals a material improvement in the 2H, with the company also indicating volume and unit costs guidance may vary as higher-margin tonnage is prioritised. UBS explains two new Glencore offtake agreements provide up to US$75m in prepayments, strengthening liquidity and funding flexibility.One Buy-equivalent rating, one Hold and one Speculative Sell rating.

Cosol enters FY27 facing a turnaround after a weaker-than-expected FY26 result and the departure of chief executive Scott McGowan. Ord Minnett highlights softer revenue and margin pressure across the divisions, while subdued East Coast coal-sector demand contributed to impairments and normalised NPAT falling to $3.3m. Management has outlined a five-point turnaround plan focused on restoring sales growth and margins, developing AI-related revenue and expanding further into transport and the Americas. The broker has materially reduced its forecasts and valuation to reflect the weaker earnings outlook. One Hold rating, downgraded from Buy.

The disappointment in Credit Corp's FY26 release came with management's FY27 guidance, which has seen analysts reducing forecasts. Guidance implies FY27 ledger investment down -21% and US PDL purchasing down -31%. Macquarie does point out company management has established medium to long-term targets which could underpin earnings growth above expectations, if achieved. Underlying net profit after tax guidance for FY27 was $110m-$118m, or growth of 4%-12%. FY26 net profit of $105.5m proved in line with expectations. Two Buy ratings.

Judging by the share price response post FY26 result, one would think CSL had kicked the ball out of the park, but FY26 financials were merely in line while FY27 guidance is better than forecast, but only slightly. Clearly, expectations had been for a far more dire outcome. UBS comments better than forecast Ig and albumin sales plus strong sales and gross margin for Vifor are underpinning the positive surprise, while -US$5.4bn of impairments paves the way for management to ensure a cleaner FY27 result. Macquarie notes the buyback has increased to $1.1bn in FY27 ($1bn in FY26), while 50% of incremental savings from the transformation program will be reinvested in growth opportunities (i.e. $100m). Optimists see a business stabilising and poised for sustainable recovery. Others are more cautious and await further indications. Three Buy ratings versus four on Neutral/Hold.

Cuscal’s FY26 result was better than expected, with underlying NPAT rising 20%, and underlying EBITDA also ahead of Bell Potter’s forecast. Volume growth of 12%, contributions from Indue and Paymark and emerging acquisition synergies supported the result. FY27 guidance for around 25% volume and underlying NPAT growth implies organic growth above 10%. Ord Minnett similarly sees a defensive growth story, forecasting a three-year EPS CAGR of 22%, with Indue synergies and potential ASX300 inclusion as catalysts, although successful execution is seen as increasingly important following the share price re-rating. Two Buy ratings.

Cyclopharm’s operational update was positive, with Bell Potter highlighting strong Technegas revenue growth across the US and other markets. The US installed base had expanded to 83 revenue-generating sites by August 12, supported by updated lung imaging guidelines and increasing adoption by major health systems and academic medical centres. 1H26 group revenue reached $17.5m and the EBITDA loss narrowed to -$7.7m, with slowing cash burn and continued US deployment moving the business closer to its estimated break-even threshold. Buy.

Dalrymple Bay Infrastructure’s 1H26 result did not please everyone but it was broadly in line with expectations, with EBITDA of $151m and FFO rising 10% y/y. Tariff year 2026-27 infrastructure charge and distribution guidance increased 8.1% y/y and 8.5% y/y, respectively, although both were unchanged from prior guidance. Citi sees modest upside to the 2027-28 infrastructure charge from -$371m of projects underway and a further -$38.5m Series Z investment, while hedging should keep debt costs around 7% for the next two years. Dividend guidance was unchanged at $0.2862 over 2026/27, albeit Macquarie sees upside around early debt refinancing. Morgans flags a new risk following management's acknowledgement it would consider participating in a potential sale of Macquarie's 50% stake in the Port of Newcastle, raising concerns around potentially value-destructive M&A. One Hold rating versus four Buys.

Data#3’s FY26 result proved better than expected, with UBS noting NPAT was 9% ahead of its forecast, largely due to stronger cost control. Macquarie expects FY27 growth to be supported by data centre and compute infrastructure spending, Windows 11 upgrades, Copilot licence rollouts and increasing AI-related software demand.Services is expected to recover from FY26 weakness. UBS sees upside risk to forecasts and Macquarie cautions on rising staff costs and software-related risks. Morgans sees Data#3 as increasingly well positioned to benefit from enterprise and government adoption of AI. Two Hold-equivalent ratings and one downgrade to Sell. Morgan Stanley is yet to update.

Deterra Royalties’ FY26 result was in line with expectations, with strong Mining Area C cash generation and $124m of divestment proceeds helping reduce net debt to $133m, while the 23.2c dividend represented a consistent 75% payout. The market took the result as better than feared. Macquarie and UBS highlight the strengthened balance sheet and medium-term growth optionality, with Thacker Pass first production targeted for late calendar 2027, although Macquarie notes commodity market volatility has delayed acquisitions and ongoing Mining Area C concentration remains a near-term constraint. To far, Hold ratings, one Buy and Ord Minnett on Accumulate, with one more update pending.

Dexus’ core property portfolio is proving resilient even as FY27 earnings face a sizable step down. Macquarie highlights improving office occupancy and strong industrial leasing spreads, with the industrial portfolio still 8.1% under-rented and offering further rental growth potential. Citi similarly points to office leasing volumes rising 61% and industrial like-for-like income growth of 8.3%, while comfortable gearing provides balance sheet flexibility. FY27 AFFO guidance implies a -14% decline at the midpoint, reflecting lower trading profits and performance fees, funds management headwinds and higher finance costs, although Citi notes guidance was better than the market had feared. Two Hold-equivalent and one Buy-equivalent rating. Ord Minnett upgrades to Accumulate from Hold. Morgan Stanley's update is still pending.

Dexus Convenience Retail REIT delivered a slight DPS beat for FY27 guidance, some 3% above Bell Potter's expectations, despite funds from operations guidance down slightly for FY27. FY26 was broadly in line, meeting the broker's forecasts and consensus. As rentals increase, earnings growth is expected to resume in FY28, with developments and the buyback anticipated to outweigh financing pressures. The gearing levels of 30.6% offer balance sheet flexibility. Circa 30% of the share buyback has been completed, with greater exposure to non-fuel income, particularly from QSR tenants. A positive is the growth in EV adoption. One Buy rating, pending a further update.

Dexus Industria REIT delivered FY26 FFO/share of 17.6 cents that beat its own guidance amid strong leasing outcomes. But then, FY27 FFO/share guidance of 17.0c has missed expectations because of the hedge restructure. Bell Potter believes the REIT is taking the right approach to reset its hedge book at a de minimis cost to regrow sooner and ahead of peers. While dilutive on a one-year basis, this should drive superior earnings CAGR on a 2-3-year view. Macquarie finds the REIT looks attractive at a 7% distribution yield and -30% discount to NTA, plus the strong balance sheet is positioned to fund both the buyback and development. Two Buys, including Bell Potter upgrading from Hold.

The 1H26 result was stronger than UBS expected, with Australian gross revenue up 18% y/y and operating cash flow materially ahead of forecast. Gross margins and net debt were also better than expected, supported by cost control and operating leverage. FY26 PBT guidance of $162m-$165m is 12% above consensus at the midpoint, with strong trading continuing into 2H26. UBS expects low double-digit consensus earnings upgrades, although some margin moderation is anticipated in 2H due to sales mix, supply-chain constraints and softer unit demand. One Neutral rating, pending two more updates.

DigiCo Infrastructure REIT’s FY26 result was slightly ahead of expectations, but FY27 guidance was materially below consensus as earnings transition following the sale of its North American assets. Macquarie, UBS and Bell Potter highlight strong underlying demand, with LOIs covering the remaining 52MW expansion at SYD1 and advanced discussions supporting the 15MW ADL1 expansion. Attention now shifts to execution of the Australian growth pipeline, with management targeting around $250m of Australian platform EBITDA by FY29. UBS and Macquarie flag materially higher capex requirements as a key consideration. Four Buy-equivalent ratings on a share price that is trading well below most targets.

Doctor Care Anywhere achieved revenue growth of 6% and EBITDA growth of 24% over 1H26, boosted by the recently finalised Medicspot acquisition, Bell Potter noted. Management stressed it continues to focus on scaling the higher-margin B2B corporate wellness market and integrating Medicspot's weight management suite. One Buy rating.

Domino’s Pizza Enterprises’ FY26 result was slightly ahead of expectations, Citi highlights weak same-store sales entering FY27 as the key concern. UBS sees cost savings, new products and pricing initiatives as important to rebuilding franchisee profitability. Citi did become more positive following management’s conference call and believes the narrative has shifted from restructuring towards rebuilding orders. Even so, it seems FY27 could remain another transition year, with evidence of a sustainable recovery in volumes without sacrificing recent margin gains still required. Thus far, two Buys, including an upgrade from Citi, and three Hold-equivalent ratings.

Downer EDI’s FY26 result was in line with expectations, with stronger margins offsetting weaker revenue. Macquarie highlights operating cash flow of $503m as ahead of forecast. Energy & Utilities and Transport Services were the stronger performers, while Facilities earnings declined. UBS and Macquarie note FY27 guidance is broadly consistent with expectations, but earnings will be unusually weighted to 2H27 as new contracts ramp up, implying a weaker first half. UBS leaves EPS forecasts largely unchanged, while Macquarie expects FY27 NPATA to grow 7% and sees further contract wins supporting Downer’s longer-term growth ambitions. Two Buy-equivalent ratings and one Hold rating.

DroneShield’s 1H26 revenue rose 74% y/y, in line with expectations, but profitability was materially weaker than Ord Minnett forecast, with underlying EBITDA swinging to a -$12.4m loss as gross margin fell and the fixed cost base increased. FY26 revenue guidance of $250m-$270m was reaffirmed, with Bell Potter noting committed revenue has risen to $240m from $206m a month earlier, increasing the likelihood of revenue reaching the upper end of guidance. The analyst remains positive on contract momentum, particularly in Europe and from next-generation products. Ord Minnett cuts FY26 underlying EBITDA forecast by -90% and highlights the sharp slowdown in 2H26 revenue growth. One Buy and one Sell-equivalent rating.

DUG Technology’s FY26 result was broadly in line with Ord Minnett’s expectations, with record revenue up 38% y/y and normalised EBITDA up 78%, supported by broad-based growth across Services, Software and HPCaaS. Operating cash flow rose 275%, but the $34m closing order book was well below the broker’s $52m forecast, reflecting delays converting pipeline opportunities into awarded tenders and prompting more cautious FY27 forecasts. Buy.

While missing Ord Minnett's expectations, Duratec’s FY26 result was broadly in line with market expectations, with revenue down -1% y/y and underlying EBITDA up 20%. The broker remains positive on FY27, supported by a $651m order book, $1.3bn of tenders and a $4.8bn opportunity pipeline, with 70-80% of the order book expected to convert to revenue alongside around $185m of annuity-style revenue. Ord Minnett sees further upside from contract wins and rising Defence expenditure. Accumulate.

Eagers Automotive's 1H26 update revealed sales up 24% year on year and underlying profit growth of 27% beating consensus by 4%. Morgans notes the result was characterised by ongoing industry relative outperformance across Canadian and A&NZ operations, laying foundations for future growth, and continuing to optimise the portfolio (NZ divestment). Macquarie highlighted CanadaOne posted an encouraging early performance, with positive second half outlook commentary, a scalable operating model and M&A optionality. Morgan Stanley believes the long-term structural growth outlook remains attractive, supported by ambitious targets for the EA123 fixed-price used vehicle strategy and ongoing electric vehicle transition benefits. Five Buy ratings versus one Neutral/Hold.

With its major distribution centre renewal program now complete, EBOS Group enters FY27 with scope for stronger cash flow and improving returns despite some lingering earnings headwinds. FY26 was broadly in line with expectations, with Citi highlighting strong growth in Animal Care and continued solid Healthcare performance. FY27 EBITDA guidance brackets consensus, although Macquarie and UBS expect near-term pressure from the Chemist Warehouse NZ contract loss, transport and new facility costs. Citi believes guidance could prove conservative as benefits from the upgraded distribution network emerge over the next 2-3 years. Five Buy-equivalent ratings.

EBR Systems is reaching an important turning point in the US commercial rollout of its WiSE cardiac device, with Morgans noting the focus is shifting from signing hospitals towards increasing implant volumes across the established network. Early repeat utilisation across activated hospitals is considered encouraging, although execution capacity is slowing the near-term ramp and Morgans lowers FY26 sales forecasts as a result. Recent capital raising removes near-term funding concerns. One Buy rating, awaiting Bell Potter's response.

Electro Optic Systems’ first-half result was ahead of expectations, with strong Remote Weapon Systems deliveries and the newly acquired Marss business supporting a sharp improvement in earnings. Ord Minnett highlights upgraded FY26 revenue guidance and a record order book. Analysts see the prospect of significant new contracts as an important catalyst. Bell Potter raises near-term earnings forecasts but lowers 2027-28 estimates to reflect increased investment in operating capacity to support future growth. Two Buy ratings, including an upgrade from Speculative Buy.

Elsight’s revenue surged 383% y/y, although Bell Potter notes opex rose 126% y/y and was 13% above its forecast, primarily due to increased sales and marketing investment to support growth. The broker highlights strengthening demand across key geographic markets, supported by rising defence spending, greater adoption of uncrewed systems and the expansion of Elsight’s direct sales team. The company’s technology is labelled as market-leading and well positioned to benefit from growing use of unmanned systems across defence and commercial markets. One Buy rating.

Emeco Holdings' FY26 operating earnings were in line with the June trading update. Results reflected some headwinds from wet weather and supply and cost challenges, Macquarie notes, though demand across key commodities remains strong. The FY27 outlook is unchanged with earnings to be in line with FY26, but improving utilisation will see FY28 set for earnings growth to hit 20% return on capital target. One Hold-equivalent rating, pending another update.

EMVision Medical Devices' FY26 result beat Bell Potter's expectations, with a net loss of -$8.3m, 9% above the forecast due to higher grant and R&D rebate income, although operating expenses of -$16.5m were above expectations as clinical trial and manufacturing activity increased. The pivotal EMU trial remains the key catalyst, with enrolment expected to complete in early 2027 ahead of a readout and FDA submission targeted for 1Q28. The analyst sees the addition of the ischaemia indication as expanding the commercial opportunity. Launches of the EMU and First Responder devices have been pushed out to FY29 and FY30, respectively. One Speculative Buy rating.

Endeavour Group's preliminary 1H26 results, while broadly in line, raised more questions for analysts around the magnitude of the below-the-line write-downs, as well as restructuring and strategy review costs. Citi's takeaway was that the possible investment needed for the retail stores is currently not factored into the earnings outlook, suggesting the level of underinvestment across retail and hotel assets is much higher than originally appreciated. Ord Minnett noted weak sales growth was expected, but so were elevated costs, which cost reduction initiatives yet to generate tangible benefit. The outlook remains clouded by uncertainty around rising cost pressures, particularly wages, Macquarie points out, as well as macro headwinds that are both structural and cyclical, UBS states. Morgans downgraded to a Sell-equivalent rating and Bell Potter downgraded to Hold, leaving the stock with four Sells, two Neutral/Hold and one Buy rating.

Energy One enters FY27 targeting an acceleration in recurring revenue growth, with Ord Minnett expecting more than 15% growth and a 30% exit cash EBITDA margin. FY26 was broadly in line, although elevated churn and slower customer installations provided some headwinds. The proposed $100m acquisition of GMSL provides another growth lever, with the broker estimating the deal could be 35% EPS accretive before synergies. Bell Potter notes strong margin expansion. Two Buy ratings.

Environmental Group enters FY27 looking for a recovery after operational issues and project delays weighed on FY26. Bell Potter highlights challenges in Energy and Baltec, while the reported loss was impacted by a -$5.7m impairment. The broker forecasts normalised EBITDA to recover 20% in FY27, supported by improving margins, PFAS treatment plant sales and a growing recurring revenue base. Buy.

EQT Holdings’ FY26 continuing NPAT rose 33% y/y, supported by Corporate Trustee Services revenue growth of 14% and Trustee & Wealth Services growth of 8%. Ord Minnett notes the superannuation business is now classified as discontinued, with a sale expected to be agreed in coming months. Momentum in the continuing businesses remains positive, although investment in Corporate Trustee Services is expected to reduce the FY27 NPBT margin to 27% from 30%. Ord Minnett also sees a reasonable probability of one of the indicative takeover proposals proceeding. One Accumulate rating. The market was disappointed by the results.

Eureka Group’s FY26 result was a small beat versus Morgans’ expectations, with underlying earnings above the top of guidance, up 10% y/y. FY27 guidance for earnings growth of at least 13% was also ahead of the broker’s prior forecast, supported by acquisitions and the rollout of additional dwellings. The structural shortage of affordable rental accommodation and resilient government-backed cash flows, with further growth supported by an accretive acquisition strategy and prefabricated dwelling development pipeline. The market's reaction suggests investors were looking for more. Buy.

Evolution Mining’s stronger balance sheet is opening the door to both higher shareholder returns and accelerated investment in growth. Analysts highlight the increase in the dividend payout target to 60% of group cash flow, alongside a move to net cash during FY26. FY27 production guidance is broadly around expectations, although Macquarie, Ord Minnett and Citi flag higher costs and growth capex as potential headwinds to near-term earnings and cash flow. UBS nevertheless sees gold production rising materially through FY30/31, while further copper growth from Ernest Henry and Northparkes adds to the longer-term outlook. Four Hold-equivalent ratings, including one downgrade from Buy, versus two Buy-equivalent ratings.

EVT Ltd’s FY26 result was broadly in line to slightly ahead of expectations, with Citi noting statutory NPAT was 3% above consensus while Morgan Stanley highlighted revenue 3% ahead and EBITDA -1% below. Entertainment was the standout, with EBITDA rising 45.8% y/y despite admissions growth of only 3.6%, while Hotels and Thredbo also recorded EBITDA growth. Both brokers see the proposed circa $800m property divestment program and strategic structure review as potential catalysts for unlocking value, funding hotel growth and potentially supporting capital returns. Citi cautions property sales could take longer than expected.Two Buy-equivalent ratings. Pending Ord Minnett's update.

FDC Consolidated’s maiden result was modestly ahead of expectations, with profit around 2% above prospectus forecasts and FY27 guidance reaffirmed. Morgans and UBS highlight strong revenue visibility, with $2.5bn of work in hand covering 89% of FY27 prospectus revenue and the pipeline increasing to $22bn. Both brokers see upside risk to forecasts, supported by strong demand across multiple sectors, while UBS expects Fit-out & Refurbishment margins to improve as FDC expands outside NSW. Two Buy-equivalent ratings.

Fenix Resources reported FY26 earnings in line and profit above Bell Potter's estimate on lower than expected depreciation. The 1cps fully franked dividend was a positive surprise. FY27 guidance points to sales of 4.7-5.3Mt compared to forecast of 5.3Mt and 4.4Mt in FY26, at a cost of $70-80/t (FY26 $74/t) as Iron Ridge and Shine make final sales and operations consolidate to the Weld Range.Fenix has outlined a clear pathway to incrementally grow iron ore production to 10Mtpa at significantly lower unit costs. One Buy rating.

Fineos Corp's interim profit came in slightly above consensus, according to Citi, where both revenue and earnings met expectations. The key positive was annual recurring revenue, up EUR9.5m since December, the largest absolute six-month increase since listing. Management's outlook and guidance beyond FY26 was reiterated and implies an acceleration in subscription revenue growth to more than 20% versus 15% in the first half, Macquarie notes. The timing of receipts impacted operating cash flow, pushing it lower, with weaker Services also a negative. Two Buy ratings.

Fisher & Paykel Healthcare’s upgraded FY27 outlook was better than expected, driven by stronger Hospital activity, with 1H27 profit excluding tariff refunds guided around 8% above consensus. Macquarie, Morgan Stanley and Citi all view the full-year guidance as conservative, with the underlying improvement extending beyond tariff benefits. Analysts remain positive on the longer-term growth outlook, supported by further penetration of Hospital products, including nasal high flow and anaesthesia, alongside OSA patient growth and changing clinical practices. Morgan Stanley also highlights margin expansion as an important driver of the investment case. Two Buy-equivalent ratings and one Hold-equivalent rating. Awaiting another response.

Fletcher Building is showing early signs its restructuring is gaining traction, although analysts remain cautious on the timing of a broader construction recovery. FY26 earnings were modestly ahead of guidance and expectations, with Citi noting all divisions performed better than forecast. Net debt also improved materially. UBS highlights market share gains, cost reductions and recovering margins as reasons for lifting its FY27 forecast, although subdued volumes are expected to persist until calendar 2027. Citi sees around 9% underlying FY27 earnings growth as achievable, but Macquarie and Morgan Stanley remain wary of near-term uncertainty after some demand was pulled forward into 2H26 ahead of price increases. Two Hold ratings and two Sell-equivalent ratings.

Flight Centre Travel’s FY26 performance proved slightly below expectations, with Leisure affected by Middle East disruption and weaker long-haul demand, while Corporate continued to perform strongly. Both Citi and UBS highlight near-term pressure on 1H27 earnings from investment, currency headwinds and new account mobilisation. However, record July Leisure transaction value and a strong pipeline of new Corporate business point to improving momentum, with UBS more confident the underlying recovery will outweigh the near-term headwinds. When operating conditions ultimately improve, Morgans says both earnings and share price will be materially higher. Four Buy ratings, and one Neutra/Hold.

Fortescue’s FY26 result was viewed as mixed by UBS, Bell Potter and Morgans, while Morgan Stanley characterised it as a modest miss. Morgan Stanley, Morgans and Bell Potter highlight higher Iron Bridge and broader cost pressures, while UBS and Ord Minnett point to rising capex as a constraint on free cash flow and shareholder returns. The 153% increase in the Blacksmith Mineral Resource and maiden 196Mt Ore Reserve was a clear positive, supporting Fortescue’s longer-term product strategy and a lower medium-term strip ratio. Brokers remain cautious on FY27 given cost inflation, elevated investment, iron ore price uncertainty and potential pricing pressure from China. Two Buy-equivalent ratings, three Holds and one Sell-equivalent rating.

Freightways Group delivered a resilient FY26 result, according to Macquarie with profit growth of 17% and strong contributions from Allied Express and market share gains across Express A&NZ. Analysts nevertheless highlight softer trading conditions since May, higher fuel and IT costs, and subdued volumes as near term headwinds, prompting downgrades to FY27 earnings estimates. Macquarie remains more positive on the FY27 recovery potential, while UBS sees much of the earnings growth outlook as already reflected in the share price. Ord Minnett has adopted a more conservative outlook. One downgrade to Accumulate from Buy, plus one Buy and one Hold rating.

Morgans considers Garda Property announced a strong FY26 result, with growth in funds from operations of 54% y/y, which beat prior guidance. Both lending and property contributed equally to group revenue. Positively, FY27 revenue guidance came in above the analyst's forecast, as lending growth is expected to experience improved momentum. Management's DPS guidance represents an 8.2% distribution yield with an approximately 85% payout ratio. One Buy rating with a higher target.

GDI Property’s FY26 result was ahead of Bell Potter’s expectations, with FFO per security of 8.2c beating its forecast by 6%. The announced on-market buyback of up to 5% of securities is expected to be highly accretive to NTA given the current trading discount, while improving occupancy and positive Perth CBD leasing provide additional operational support. Bell Potter raises FY27-FY29 FFO forecasts by 1%-3%, also reflecting updated interest rate assumptions and expected performance fees from remaining Autoleague asset settlements. Buy.

GemLife Communities’ 1H26 result was ahead of expectations with underlying EPS around 8% above consensus, supported by stronger settlements and average selling prices. FY26 EPS guidance was upgraded to 30c-31c, but Citi and UBS view this as conservative given 370 contracts already on hand, five new communities commencing settlements in 2H26 and continued strong demand. Morgans highlights the relative insulation from interest-rate cycles provided by demographic demand, while Bell Potter notes gearing has risen to fund an expanding development pipeline. Analysts see further upside to earnings if settlement and pricing momentum persists, despite an expected moderation in average selling prices in 2H26. Four Buy-equivalent ratings including one downgrade to Accumulate from Buy. Awaiting Ord Minnett's update.

Generation Development’s FY26 underlying profit rose 21% y/y, although views on the result were mixed, ranging from below consensus to ahead of individual forecasts. Strong growth in managed accounts and investment bonds underpins the medium-term outlook. Morgans, Macquarie, Citi and Morgan Stanley remain positive on the structural growth opportunity, but higher FY27 investment and operating costs are expected to delay operating leverage. Citi and Morgan Stanley cut FY27 EPS forecasts by around -10% to -11%, while management expects GenLife FUM inflows of $150m-$200m per month during FY27. Four Buy-equivalent ratings, pending Bell Potter's update.

Genesis Energy’s FY26 normalised earnings of NZ$522m were slightly below the most recent NZ$530m guidance, while the final dividend was 4% ahead of Macquarie’s forecast. FY27 earnings guidance of NZ$480m-NZ$520m is -7% below consensus at the midpoint, although Macquarie sees scope for conservatism. The broker remains cautious on Genesis due to limited internal development capability, weak organic free cash flow growth, legacy systems and high retail exposure, as well as declining oil and gas free cash flow. One Sell-equivalent rating.

Genesis Minerals’ FY26 result was broadly in line with expectations. Citi highlights strong cash generation and year-end net cash of $217m. Both Citi and UBS identify the maiden fully franked 5c dividend as the key positive from the result. Attention now shifts to completion of the Vault Minerals merger, expected in November, and the subsequent strategic plan for the combined business. Three Buy ratings. Awaiting Ord Minnett's update.

GenusPlus Group’s FY26 result was ahead of expectations, with strong growth across all three operating segments and underlying EBITDA above the top end of guidance. Bell Potter lowers FY27 EPS forecasts, largely reflecting weaker expectations for MPC Kinetic, lower Infrastructure margins and higher interest costs. However, the broker remains positive on the outlook, highlighting a materially larger tender pipeline and strong net cash position as providing substantial capacity to support future growth. Buy.

Goodman Group's FY26 OEPS rose 10.1% to 129.9cps, slightly ahead of consensus, driven by stronger-than-expected development earnings. FY27 guidance is for 9% OEPS growth, below consensus' 11%. Macquarie notes development momentum remains strong, with work in progress increasing to $19.7bn and data centres now comprising around 78% of total. Citi sees an expanding data centre pipeline supporting a compelling multi-year earnings outlook. UBS notes Australian DC partnership establishment has slipped into 1H27. UBS acknowledges some frustration at the pace of announced progress to date, but customer demand remains incredibly strong, underpinning Goodman's decision to deliver more fully-fitted facilities and to operate assets across the world. Bell Potter views FY27 as another year of investment and building towards future returns, and downgrades to Hold, to make it two versus two Buys, and with more updates pending.

GPT Group's 1H26 FFO came in 2% better than expected and 1% above consensus, de-risking 2026 guidance. Citi concurred, noting the result was supported by strong retail, office and logistics performance. FUM rose 4.6% to $41.6bn, with Citi highlighting strong investor demand for the $697m equity raising as supportive of future fee income growth. Softer office metrics were noted by UBS, with occupancy falling to 92.1% and Grosvenor Place at 70.6%, although office like-for-like NOI grew 8%. Macquarie expects adjusted funds from operations (AFFO) growth to accelerate in FY27 as office incentives peak, though rising debt costs present a medium-term headwind. UBS suggests the shares weakened because investors focused on lower office occupancy and the absence of new funds management growth initiatives. Macquarie downgrades to Neutral, against two Buy ratings, thus far.

GQG Partners’ 1H26 earnings were modestly ahead of expectations despite ongoing outflows and weaker performance fees, helped by resilient margins and cost control. Morgans and Macquarie remain cautious as longer-term investment performance continues to lag benchmarks, contributing to -US$15bn of 1H26 outflows and weighing on the outlook for flows. The major change is GQG’s portfolio repositioning towards Technology and Semiconductors after management acknowledged underestimating the durability of AI compute demand. UBS views this shift more positively, arguing it reduces the risk of continued underperformance if AI earnings momentum persists. Two Buy-equivalent ratings. One Hold-equivalent, awaiting another analyst update.

Growthpoint Properties Australia's FY26 result was viewed as solid, but not good enough to inspire the market despite funds from operations meeting or exceeding expectations and office occupancy reaching 96%. Citi highlights the pending Woolworths distribution centre sale as a key positive, reducing gearing by around -4%. Macquarie considers the current distribution payout ratio relatively high and estimates around 70% would be more sustainable. Both brokers see valuation support from the stock trading at around a -30% discount to NTA, with Citi also highlighting an 8.8% yield. Two Buy-equivalent ratings. Awaiting one additional response.

Guzman y Gomez’s FY26 result was broadly in line with expectations, with Australian underlying EBITDA up 28.7% y/y  and comparable sales growth of 5.3% driven by transactions rather than pricing. Brokers were encouraged by accelerating early FY27 trading, with comparable sales running at high-single-digit growth, while FY27 margin guidance of 6.7%-6.9% was ahead of expectations. Morgans, UBS and Morgan Stanley materially raised earnings forecasts on stronger margins, while also highlighting the special dividend and additional $100m buyback as evidence of strong cash generation. Three Buy-equivalent ratings, three Hold-equivalent ratings, including one upgrade from Sell, and one downgrade from Buy. Ord Minnett's update outstanding.

While Macquarie viewed the GWA Group FY26 result as "solid", the softer 2H has weighed on investor sentiment. The FY26 results were viewed as largely in line, with Australian growth supported by Merchant, Multi-Residential and Win the Plumber performing well, while detached housing, renovations and commercial markets remained subdued. The FY27 outlook is expected to remain mixed, with higher pricing expected to offset cost pressures. Cash conversion should improve as inventory unwinds. One Hold rating.

Hansen Technologies faces an earnings reset in FY27 as increased investment and the transition away from licence revenue weigh on margins. FY26 underlying EBITDA was broadly in line despite softer revenue, with UBS highlighting stronger cost control and a better-than-expected NPATA result. FY27 guidance was materially below expectations, prompting Ord Minnett to cut its underlying EBITDA forecast by -26%. Both brokers view FY27 as an investment and transition year, with spending on sales, R&D and AI intended to support stronger organic growth and a recovery in margins from FY28, although execution and the upcoming CEO transition remain key uncertainties. Two Buy ratings.

Harmoney’s FY26 result was better than expected, with cash NPAT of $13.5m exceeding guidance and return on equity improving to 23.1%. Ord Minnett highlights continued loan-book growth and operating efficiencies, with management targeting more than $16m of cash NPAT in FY27. Credit performance and funding conditions remain the main risks, while improving returns and potential sector consolidation could provide further upside. One Buy rating.

Harvey Norman’s FY26 result drew mixed broker views, with Citi describing it as weak while UBS noted PBT was 6% ahead of its forecast, largely due to stronger Property and NZ earnings. Both brokers highlighted weaker Australian Franchisee performance and soft cash flow, with margins under pressure and net debt rising. Early FY27 trading was also soft across Australia and several international markets, although Australian sales improved in August. Citi expects slowing Australian sales and weaker margins as consumer conditions become more challenging. One Sell rating. One Hold-eqivalent. Pending more updates.

Healius delivered a mixed FY26 result, with revenue and EBITDA growth broadly in line. From the market's perspective, it was better-than-feared. Underlying EBIT missed consensus as pathology margins remained thin. Morgans highlights positive momentum at Agilex and contained group costs. Macquarie notes cost reductions are helping margins recover. However, higher wages following the Fair Work Commission decision have pushed out management’s target for mid-to-high single-digit EBIT margins to December 2028, leaving the earnings recovery more drawn out than previously expected. Two Hold-equivalent ratings, with Ord Minnett yet to update.

HealthCo Healthcare & Wellness REIT’s FY26 result was worse than expected, with FFO missing Morgans and consensus by -4% and -6%, respectively, largely reflecting suspended distributions from the Unlisted Healthcare Fund. Analysts highlight the reinstatement of FY27 distribution guidance at 6c and progress in de-risking the REIT, although Morgan Stanley remains cautious given replacement tenants for Healthscope hospitals are yet to be finalised and an estimated -$11m shortfall exists between FY27 FFO and distributions. Bell Potter notes all Healthscope hospitals continue to operate with rent paid up to date and highlights $158m of cash, but material uncertainty remains around the resolution of the exposure. Two Buys, one ascribed Speculative and one Sell-equivalent rating. Another analyst is yet to respond.

Helia Group delivered an earnings beat in 1H26, driven by negative claims from reserve releases and claims experience. Macquarie sees material risks of house price declines after several years of significant reserve reductions since covid. The tailwinds Helia previously benefitted from are likely to end, the analyst states. A bigger capital return than expected was announced by including a $75m buyback. However, Helia has had buyback programs in place in the past without executing. The property market is already showing clear signs of softening, and momentum continues to slow. Despite this, Helia trades at near-record levels. One Sell-equivalent rating.

Helloworld Travel’s FY26 result was in line with recent guidance and Morgans’ forecast, with earnings growing despite the Middle East conflict materially affecting 4Q26, although acquisitions provided some support. No formal FY27 earnings guidance was provided, but management highlighted strong forward bookings. Morgans assumes the conflict continues to weigh on 1H27 before a strong recovery in 2H27, noting this could prove conservative. Helloworld is considered heavily undervalued. Buy.

HMC Capital’s FY26 result was ahead of broker expectations, with pre-tax EPS of 40.4c in line with guidance and 5% above Macquarie’s forecast. More importantly, FY27 underlying EPS guidance of more than 35c, up 16% y/y, was well ahead of the analyst's prior forecast, underpinned by more than 30% growth in recurring funds management revenue and higher co-investment distributions. Morgans highlights the shift towards recurring, cash-backed earnings. Bell Potter also points to potential earnings upside not included in guidance and views the result as evidence HMC’s earnings momentum is turning the corner. Three Buy-equivalent ratings, pending two further updates.

HomeCo Daily Needs REIT's FY26  release received a big thumbs down from the market, despite FFO coming in largely as expected. The key negative was the rise in funding costs with the average cost of debt rising to 5%, with new hedges locked in at materially higher rates. Gearing rose to 35.7%. FY27 FFOs guidance also came in weaker than expected, resulting in forecast downgrades. Management believes the current earnings pressure should moderate beyond FY27 if interest rates stabilise or decline, and highlighted $400-500m of unsolicited offers for assets around or above book value, suggesting substantial embedded liquidity within the portfolio. Post share price weakness, Ord Minnett upgrades to Buy, against four Hold-equivalent ratings, including one upgraded from Sell, and one Accumulate rating.

HUB24’s FY26 result was broadly in line to slightly better than expected, with underlying NPAT ahead of several forecasts and EBITDA rising 30%, although softer early FY27 net flows and platform margin pressure dominated the outlook, and the share price response. Citi, Ord Minnett and Morgan Stanley view the flow slowdown as temporary and highlight Hub24’s continued market share gains and FY28 FUA target of $186bn-$200bn. UBS and Bell Potter are more cautious on the risk of prolonged weakness in discretionary flows and slower margin expansion. Four Buy-equivalent ratings and two hold ratings, of which one is a downgrade from Buy. One further response is pending.

Humm Group’s FY26 result was slightly below expectations due to higher operating expenses, although Ord Minnett highlights improving margins and stronger-than-expected Commercial volumes. Cost trends improved in 2H26, but Commercial credit losses remain a headwind heading into FY27 despite continued market share gains. The broker nevertheless considers the stock attractively valued on forward earnings. Coming off such a low base, the market received the results well. Buy.

IDP Education’s FY26 result was, yet again weak, with adjusted EBIT down -3% y/y and student placement volumes falling -27% y/y , although cost reductions helped earnings meet guidance. The bigger disappointment was FY27 guidance, with placement volumes expected to decline another -20% to -30% and adjusted EBIT around -9% below prior consensus expectations. Morgans and UBS expect regulatory and demand pressures across key markets to persist through FY27, reducing confidence in the timing of an earnings recovery. Cost savings, strong cash conversion and the $50m buyback provide some support, but the difficult operating environment is expected to continue. Two downgrades to Hold from Buy. More updates pending.

IGO Ltd's released an FY26  "optical miss" in net profits, due to the treatment of the $31.7m gain on the Forrestania asset sale, with a positive dividend announcement. The fully franked 5cps dividend was well ahead of 1.1cps consensus and represents IGO's first dividend since FY24. UBS remains cautious on IGO despite Greenbushes retaining best-in-class margins, with FY27 production guidance implying only 17% y/y growth following operational issues in FY26. Thus far, one Buy and three on Neutral/Hold.

Iluka Resources’ first-half result was largely pre-released, with the underlying loss better than Macquarie expected, although UBS notes EBITDA fell short of its forecast. Attention remains firmly on Balranald, where both rigs are operating and concentrate is on specification, but extraction rates and recoveries remain below target. In contrast, analysts see risk reducing at Eneabba, with construction around 60% complete and commissioning on track for calendar 2027. Inventory drawdowns are also supporting cash generation and balance sheet flexibility, while mineral sands markets are showing early signs of stabilisation. Two Buy-equivalent ratings and one Hold.

Imdex's FY26 revenue of $520m was up 21% y/y and in line with consensus, while underlying EBITDA of $163m was around 2% ahead of Macquarie's expectation. UBS points out organic revenue grew 17% and share of wallet increased to a record 2.4%, reflecting increased adoption of the company's integrated solutions. Tools on hire reached a record, with next-generation tools increasing to 12% of the fleet and offering further pricing upside. Imdex is expected to continue to outpace the market. Robust cash flow generation is expected to help reduce leverage, UBS states. Morgans is disappointed by higher integration, depreciation and finance costs, which weigh on the outlook below the earnings line. Morgans downgrades to Accumulate, Bell Potter to Hold. Two Buy-equivalent ratings remain.

ImpediMed’s FY26 result was broadly in line with Bell Potter’s expectations, with revenue up 14.8%, and the EBITDA loss of -$17m better than the broker’s -$18.2m forecast. Recent FDA clearance for Sozo in sarcopenia risk assessment provides another potential growth opportunity. Bell Potter states US quarterly sales of 45–50 Sozo units are required to meet the incremental breast cancer-related lymphoedema target and achieve breakeven by the end of FY28. One Buy rating, ascribed Speculative. Awaiting more responses.

Morgans views Imricor Medical Systems' 1H26 result as showing solid clinical and regulatory progress. Revenue was noted as modest, but sales momentum is expected to pick up in 2H26 and into FY27. Northstar European, and hopefully Middle East, sales are expected to be the highlight. R&D and clinical cost forecasts have been increased, which has resulted in EPS forecast downgrades of -33.% for FY26 and -17.6% for FY27. The analyst suggests the clinical trials underway have the potential to substantially raise the addressable market. One Speculative Buy rating.

Ingenia Communities’ FY26 result was ahead of expectations, with underlying EPS beating consensus by 6% and exceeding guidance, supported by higher joint venture income, lower tax and positive cash margins. Citi also views FY27 EPS guidance of 35.8-39.3c positively, with the midpoint 2.5% above consensus, although sales between July 1 and August 21 fell -20% y/y and lifestyle rental margins moderated. The broker sees compelling medium-term value as synergies from the proposed $1.27bn Peet Group acquisition materialise. One Buy rating. Awaiting additional broker updates.

Inghams’ FY26 result was broadly in line with guidance. EBITDA fell -21.2% y/y as margins came under pressure despite a meaningful improvement in 2H26 as production settings, inventory and processing yields improved. FY27 guidance disappointed, with the midpoint around -6% below consensus as higher feed, fuel and packaging costs combine with weaker wholesale pricing. Morgans highlights ongoing execution and cost-control challenges, with earnings growth expected to be weighted to 2H27. Bell Potter also points to substantial feed cost inflation, while Macquarie sees further balance sheet deleveraging and improved operational execution as necessary for a more positive outlook. Two Hold-equivalent ratings, including a downgrade from Buy. One Sell-equivalent rating.

Insurance Australia Group's cash earnings missed consensus by around -4% and insurance profit of $1.552bn missed by -3%, reflecting higher reinsurance costs, a weaker underlying margin and a larger-than-expected OEI deduction. The underlying insurance margin of 15.0% also missed. The final DPS of 20c was higher than forecast. Reported insurance margin guidance of 14.5-16.5% points to improvement ahead with UBS noting potential upside of around 1ppt if natural peril costs track below the company's allowance. Citi upgrades and joins UBS on Buy while Macquarie retains its negative rating.

Integral Diagnostics’ FY26 result was broadly in line with expectations, with improved margins supported by operating leverage and Capitol Health synergies. Ord Minnett highlights management’s focus on pushing margins higher through revenue management, cost efficiencies and AI, while Macquarie sees further growth from the shift towards higher-fee imaging modalities. Morgan Stanley focuses on the strategic review of New Zealand, seeing a potential divestment as materially accretive to EPS while reducing leverage, whereas Bell Potter is more cautious on near-term earnings due to higher depreciation and lease interest costs from new clinics. Four Buy-equivalent ratings.

ioneer's first-half result met expectations and a US$50m raising increased cash to approximately US$59m, Ord Minnett comments, extending the funding runway for Rhyolite Ridge. The report concludes the result is supportive of the broker's valuation, with no change to Net Asset Value (NAV). Looking ahead, binding partner agreements, funding and a final investment decision are lined up as the key catalysts. On Speculative Buy rating. One update pending.

IPD Group delivered FY26 underlying EBITDA of $55.4m, up 19% y/y and 1% ahead of Bell Potter and consensus, with revenue up 17% to $414m and data centre revenue rising 27% to $71.5m. There was broad-based growth across the electrical products distribution, electrical cable and industrial products, and hazardous-area electrical equipment businesses. The EBITDA margin improved to 13.4% despite a lower gross margin. Positive momentum is expected to continue into FY27, supported by booming data centre construction investment and robust growth across the portfolio. Buy.

IPH Ltd’s FY26 result showed modest profit growth despite weak activity and FX headwinds weighing on revenue and profitability. Macquarie highlights Canada, lower corporate costs and capital management as positives, while A&NZ underlying earnings fell -7.2% as weaker US Patent Cooperation Treaty applications disproportionately affected IPH’s firms. The broker expects modest organic earnings growth, with continued weakness in US patent activity remaining the key drag on the outlook. Morgans highlights the undemanding valuation, though, with flat growth on the horizon, investors might still have to be patient. One Buy and one Neutral.

Iress delivered a softer than expected 1H26 result, with Morgans and Macquarie highlighting weaker revenue momentum and FX headwinds, although cash earnings improved strongly as cost savings accelerated. Macquarie notes $31.5m of annualised savings have already been achieved, while Morgans points to higher cash EBITDA guidance despite cuts to revenue and profit expectations, supporting confidence in further margin expansion. Negatively, non-recurring revenue fell y/y due to the completiion of large client projects. Three Buy-equivalent ratings.

IVE Group’s FY26 result saw revenue down -2% y/y, in line, while underlying earnings and profit fell -7% and -2%, respectively, missing forecasts. The positive surprise was the fully franked 9c final dividend, ahead of guidance and Bell Potter’s 8c forecast. FY27 guidance points to flat underlying profit, while challenging economic conditions and lower margins prompt a downgrade in FY27 and FY28 underlying earnings forecasts by -12% and -10%, respectively. Buy.

James Hardie Industries had pre-released its quarterly result signalling a better-than-forecast performance but when the financial result was released it proved yet again 4% better than earlier suggested. It definitely raised a few eyebrows. Citi points to share-based compensation, which has been put below the line, providing the fillip to the result. FY27 earnings guidance is raised 7% at the midpoint. Siding & Trim was the standout for Morgan Stanley, with North American fiber cement returning to 20% organic growth, driven by share gains, strategic initiatives and easier comparisons.Four Buy ratings versus two on Neutral/Hold.

JB Hi-Fi delivered a slight miss on FY26 earnings, according to some analysts, but the real disappointment came from the trading update with July trading softening, sending like-for-like sales down -1.4% at JB Hi-Fi Australia and -1.7% at The Good Guys, both below 1H27 consensus expectations. UBS flags margin risks from rising costs and operating deleveraging, while operating cash flow of $701m was below this broker's $805m forecast. Morgans expects disciplined cost management to support margins. Macquarie declares growth prospects of the consumer electronics category and strength of the business are unchanged despite short-term concerns. Morgan Stanley is anticipating continued margin pressure in consumer electronics ahead. Four Buys, against one Nreutal/Hold and one Sell rating.

Judo Capital’s FY26 result was broadly in line to slightly better than expected, with PBT around 2% ahead of Citi and consensus. Morgans notes FY27 PBT guidance of $210m-$220m implies strong 25-31% growth, supported by solid lending and revenue trends and broadly stable NIM. Macquarie, UBS and Morgan Stanley agree credit quality remains the key uncertainty, particularly given large single-name exposures and the potential for provisioning volatility, although management provided greater clarity on the loan book and progress on impaired loans. Four Buy-equivalent ratings and one Hold. Ord Minnett's update is still pending.

Jumbo Interactive’s FY26 result was slightly ahead of expectations, with underlying NPATA up 20%, and EBITDA at the top end of guidance, supported by strong cash conversion. Macquarie expects FY27 NPATA to rise 26%, helped by normalising lottery jackpots, acquisitions and new SaaS contracts. Macquarie, Bell Potter and Citi highlight a softer-than-expected FY27 International outlook, particularly across Dream Giveaways and Managed Services. The Australian lottery reseller renewal and acquisition risks remain. One Buy-equivalent. Two Hold-equivalents, awaiting more updates.

Karoon Energy’s 1H26 result was (yet again) mixed, though broadly in line, with guidance maintaining a second half skew. Morgans, Macquarie, Citi and Morgan Stanley are expecting a stronger 2H as Bauna production recovers following planned maintenance and FPSO works. Macquarie cuts FY26 and FY27 EPS forecasts by -10% and -20%, respectively, while Morgan Stanley highlights the 39% rise in 1H26 unit production costs following temporary shut-ins. Longer-term growth could come from Who Dat East, which has reached FID, and Neon, while Citi highlights improved operational reliability and an undemanding valuation. Three Hold-equivalent ratings. One Buy. Ord Minnett yet to update.

Kelsian Group’s FY26 result was ahead of expectations, with Macquarie noting underlying EBITDA was 1-2% above forecasts. UBS highlights EBITDA and NPATA beats of 4% and 15% versus consensus, respectively. International Bus was the standout, supported by new and expanded US contracts and charter activity, while strong cash flow and lower capex reduced leverage to 2.5x. FY27 EBITDA guidance of $320m-$335m is around 2% above consensus at the midpoint, with both brokers highlighting further growth opportunities in the US and UK, although Macquarie cuts FY27-FY29 EPS forecasts by around -8-10% on lower organic growth and higher amortisation. One Buy rating. Macquarie is on restriction.

Kinatico's key FY26 financial metrics were all better than Bell Potter's estimates, driven by both higher SaaS and transactional/cheque revenue along with slightly higher margins. The company  secured its first enterprise client on the new KC platform, NYSE listed Civeo. The broker upgrades FY27 and FY28 revenue forecasts by 3% but also increases operating expenditure forecasts, largely because of increased marketing expenditure. Buy.

Koala Co’s FY26 result was ahead of expectations, with normalised EBITDA more than doubling to $27.9m and beating prospectus forecasts by 12.5%. Morgans notes revenue rose 20% y/y to $332.3m, supported by broad-based gross margin expansion to 65.3%. Revenue and gross profit forecasts are upgraded by 3-5% across the forecast period, highlighting continued strong sales momentum and further margin expansion potential. Buy.

Kogan.com’s FY26 result was mixed, with earnings ahead of Bell Potter’s expectations but below consensus, while gross sales growth remained solid and Mighty Ape returned to profitability following its operational reset. Bell Potter raises NPAT forecasts on lower D&A assumptions, despite moderating revenue growth expectations, while remaining cautious on margins, expected to remain near the lower end of management’s medium-term target range as competition and marketing investment offset continued growth in platform sales and Kogan First. Hold.

L1 Group's FY26 earnings were 8% ahead of consensus, supported by strong performance fees and lower costs, with Macquarie highlighting an increase in targeted cost savings to $43m from $35m and expecting fund inflows to accelerate. UBS sees upside from new strategies and M&A given the strong balance sheet, including around $635m in cash and seed investments, but flags potential FY27 earnings downgrades from softer fee margins and around $95m of operating costs. One Hold-equivalent rating and one Buy-equivalent rating.

Latitude Group's 1H26 cash profit beat Morgan Stanley's estimate by 19%, helped by a lower tax rate, while profit was 10% ahead on lower expenses. The dividend beat by 10%, implying a 12% yield. Softer macro conditions are expected to constrain both Pay and Money growth, with management acknowledging “some level of pullback in consumer discretionary spending". Morgan Stanley states Latitude is continuing to deliver on its strategy, with good margin and cost management supporting earnings and a higher dividend, but a weakening macro backdrop is limiting the scope for a meaningful re-rating in the near term. Hold.

Lendlease Group's FY26 core IDC earnings reached the upper end of guidance, with FY27 earnings guided to rise 16% at the midpoint, supported by Development completions and Construction growth. Morgan Stanley highlights an -$800m Capital Release Unit loss that drove an -$567m FY26 operating loss, while Citi points to gearing rising to 37.7% from 26.6% and FUM falling -10%. Execution remains a key risk as management navigates a major simplification strategy to help strengthen the balance sheet. Citi downgrades to Neutral to make it two against one Buy. One more update pending.

LGI’s FY26 result was in line to slightly ahead of expectations, with EBITDA up 26% y/y  and NPAT up 35% y/y , supported by higher generation and carbon-credit production. Ord Minnett and Bell Potter remain positive on the longer-term growth opportunity, underpinned by an 80MW-plus project pipeline and management’s target for around 10% CAGR in ACCU volumes over the next three years. Project delays and the expiry of favourable electricity hedges are expected to limit FY27 growth, before earnings accelerate from FY28 as new generation capacity comes online. Three Buy ratings.

Liberty Financial’s FY26 result was ahead of expectations, with Macquarie highlighting stronger-than-expected NIM and Citi noting NPATA rose 7% y/y, supported by solid volumes and tight cost control. Analysts highlight the 15c special dividend and see potential for further capital returns, while lower funding costs should continue supporting margins. Mortgage lending has remained relatively resilient despite policy changes, although Citi sees a softer housing outlook limiting further NIM expansion. Macquarie flags rising arrears and provisioning as risks. One Buy and one Hold rating.

While Life360 largely delivered an in-line 2Q26 result, margin guidance was disappointing, sending the shares down sharply. Ord Minnett points out earnings benefited from a one-off tax refund, albeit the user metrics were ahead of expectations, with 4.6m MAUs added and a record 185,000 net increase in paying circles. Average revenue per paying circle rose 5% y/y. Citi stresses new subscriber price increases in the US provide potential upside to average revenue per paying circle and FY27 earnings, although higher costs and weaker advertising gross margins may limit near-term EBITDA upside. For the full year, Morgan Stanley believes MAU growth forecasts will be achievable and anticipates a 35:65 H1:H2 skew, with early momentum in the third quarter promising. Macquarie also sees upside to earnings guidance. Five Buy-equivalent ratings, awaiting one broker.

Although expectations were upbeat going into Light & Wonder's 2Q2026 result, analysts viewed the metrics positively. Morgan Stanley highlights lower costs and a modest beat from iGaming and SciPlay. Bell Potter and Citi point towards North American Premium and leased units ahead of guidance. Citi believes the Q2 'beat' alleviates some of the pressure to meet 2026 guidance and is looking ahead to next week's Australasian Gaming Expo for insights into the new gaming content to be released. UBS notes slightly softer revenue was offset by better margins. Macquarie suggests the result could be viewed as lower quality, with a cost beat offsetting the revenue miss. Seven Buy-equivalent ratings.

Lindsay Australia’s FY26 result was broadly in line with consensus but ahead of Ord Minnett’s forecasts, with EBITDA up 26% y/y and adjusted EPS up 10%, supported by SRT Logistics, Rural and a return to organic Transport growth. Morgans highlights improving execution and efficiencies, with 2H26 EBITDA margins rising to 11.3% from 10.4% and further operating leverage possible. The five-year Primary Connect secondary freight contract, expected to generate at least $30m of annual revenue once fully deployed, provides an entry into a circa $3bn market and represents a potentially material growth avenue. Analysts caution competition remains elevated but Ord Minnett sees earnings risks skewed to the upside. Two Buy-equivalent ratings.

Lottery Corp's FY26 proved slightly disappointing, as unfavourable jackpot outcomes reduced revenue by -$350m, partly offset by better-than-expected cost control. FY27 guidance of $305m-$315m is below consensus at the midpoint. Macquarie would be a buyer on weakness, looking through short-term jackpot-related earnings revisions. The broker expects normalised jackpot activity to support a recovery in FY27 lottery volumes, supplemented by game and pricing changes, and views the business as fundamentally robust. Morgan Stanley sees support from jackpot normalisation and upcoming game changes, including a 16.7% Set for Life price increase expected in September 2026. Three Buys, two Neutral/Hold and one Sell-equivalent rating.

Lovisa Holdings’ FY26 result was ahead of expectations, with stronger margins and cost management more than offsetting slightly softer revenue. Citi points to accelerating sales trends through August and believes the international store rollout can support double-digit earnings growth for many more years. UBS highlights encouraging early FY27 like-for-like sales, although it notes limited disclosure around the performance and start-up losses of the new Jewells brand. Post two downgrades, two Buys, one Accumulate and three on Neutral/Hold.

Lumos Diagnostics’ FY26 result was better than Bell Potter expected, with the adjusted EBITDA loss of -US$2.8m versus the broker’s -US$5.3m forecast reflecting lower operating expenses. FebriDx sales have started strongly, with the test now used across 170 sites in 24 US states. The analyst expects the US flu season and additional urgent care contracts to drive a material increase in FebriDx orders in FY27. One Buy rating, ascribed Speculative.

Lynas Rare Earths’ FY26 result was broadly in line at the EBITDA level, although NPAT was weaker than expected due largely to higher D&A, according to Macquarie and UBS. Operationally, improving performance at Kalgoorlie and better ore feed quality at Mt Weld were positives. UBS views the current increase in costs as temporary. The longer-term focus is increasingly on heavy rare earths and the emerging Lynas 2030 growth strategy, with Ord Minnett highlighting potential expansion at Mt Weld to access ore richer in heavy rare earth elements. Two Buy-equivalent ratings and one Lighten (Sell-equivalent). Awaiting three more analyst updates.

Morgans viewed MA Financial’s 1H26 result as strong and in line with consensus, with underlying NPAT rising 59% y/y, and underlying EBITDA up y/y, slightly ahead of expectations. UBS and Ord Minnett highlight strengthening momentum into 2H26, including improved asset-management inflows, rapid growth in MA Money and a rebound in Corporate Advisory activity. Analysts also point to stronger-than-expected FY29 targets, improving earnings quality and operating leverage as supporting the medium-term outlook. Three Buy ratings.

Morgans viewed Maas Group’s FY26 result as in line with updated guidance, with underlying EBITDA rising 37% y/y,  and underlying NPAT up 57% y/y. Macquarie highlights continuing operations EBITDA of $143m as ahead of guidance, with record electrical work in hand of around $1.2bn and the $855m Firmus order supporting strong FY27 growth expectations. Both brokers point to the pivot towards electrical contracting as a key growth driver, while around $1.3bn of expected Heidelberg proceeds should provide substantial capacity for M&A and capital returns. Two Buy-equivalent ratings.

Macquarie Technology’s FY26 result was broadly in line with Macquarie and Morgan Stanley, with EBITDA up 2% y/y and marking a twelfth consecutive year of growth. FY27 guidance points to only modest growth as investment costs and weaker Telecommunications earnings weigh ahead of the IC3 SuperWest ramp-up. Both brokers remain positive on the data centre opportunity, with Phase 1 due in September and Phase 2 accelerated to June 2027. Two Buy-equivalent ratings. More broker updates pending.

Mader Group’s FY26 result was broadly in line with expectations, with the company achieving its five-year NPAT target despite some headwinds in Australia during 2H. Macquarie highlights particularly strong growth in Infrastructure and North America, while noting FY27 guidance is broadly in line after allowing for increased investment in new growth initiatives. Bell Potter focuses on management’s new five-year plan targeting 15% annual EPS growth, supported by organic expansion and strategic M&A, although both lower near-term earnings forecasts. Two Buy-equivalent ratings.

Magellan Financial Group’s FY26 result was mixed, with EPS 7% ahead of Macquarie’s forecast but UBS highlighting weaker-than-expected profits from both Investment Management and Barrenjoey. Fund performance, outflows and weaker fee margins remain key pressures, while Barrenjoey has characterised FY27 as a “build” year. Macquarie cuts FY27-FY29 EPS forecasts  while UBS takes a more positive view following higher private capital FUM and lower costs, lifting FY27 and FY28 EPS forecasts. Both brokers nevertheless expect earnings pressure in FY27. One Hold-equivalent rating. One Sell-equivalent rating. Awaiting an update from Morgan Stanley.

Maxiparts reported FY26 pre-tax profit of $14.2m, up 11.8% and slightly ahead of Ord Minnett's estimate, despite softer transport-sector activity during the second half. Revenue increased 2.7%, EBITDA rose 5.6% and margins improved by 30 basis points to 10.5%. The company finished the year with $7m in net cash, compared with net debt a year earlier. Further growth is expected from new stores, Japanese parts, Forch Australia and market-share gains. Profitability and returns are expected to improve over coming years. One Buy rating.

Mayfield Group’s FY26 result was stronger than Bell Potter expected, with revenue up 43% y/y and underlying EBITDA of $18.5m beating the broker’s $15.1m forecast. FY27 revenue guidance of $224m-$229m implies growth of around 34% at the midpoint, supported by acquisitions and $135m of work in hand. Bell Potter sees upside to guidance from growing demand across data centres, mining electrification and grid investment. Buy.

Citi viewed Medibank Private’s FY26 result as in line with expectations, with a slightly better-than-expected dividend offset by softer private health insurance growth. UBS and Ord Minnett highlight slowing policyholder growth as the key concern, while UBS sees increasing downside risk to margins as the company balances reinvestment for growth with government scrutiny of hospital benefits. Ord Minnett is more constructive on benign claims inflation, although it cuts FY27-FY29 EPS forecasts by around -1.5% to -2% on weaker membership growth and higher cyber-litigation costs. The market has taken the result as better than feared. One Buy rating and two Hold-equivalent ratings.

Medical Developments International’s FY26 result was broadly in line with expectations, with revenue up 9% and Pain Management revenue rising 21%, albeit with some benefit from distributor inventory timing. Bell Potter highlights strong underlying demand for Penthrox, with European volumes up 18% and Australian volumes up 9%, including 28% growth through hospitals. Improved cost control and lower working capital also supported stronger cash generation. With the European distribution transition now completed, the broker sees further hospital adoption and expansion into broader procedural uses as the key growth opportunities. One Buy rating.

Citi assessed Megaport’s FY26 result as better than expected, with underlying EBITDA up 24% and 8% ahead of both its forecast and consensus, while FY27 EBITDA guidance was also stronger than expected. UBS points to accelerating Network ARR, improving retention and new contract wins, although higher capex, equipment procurement and funding requirements introduce additional risks. Morgan Stanley believes the investment story has shifted towards capital-intensive AI infrastructure and sees consensus materially underestimating the strength and duration of demand for computing, cloud and connectivity. Five Buy-equivalent ratings including two upgrades. Awaiting Macquarie's update.

Mesoblast’s FY26 result was broadly in line with Bell Potter’s expectations, with revenue of US$120.2m and an EBIT loss of -US$49.9m, while Ryoncil generated US$115m in sales. The broker expects Ryoncil revenue to grow by at least double digits in FY27, supported by strong US insurance coverage. Buy.

Mineral Resources’ FY26 result was stronger than expected, with underlying NPAT beating consensus by 6%-9% and Mining Services, iron ore and lithium all performing well. Cash generation was a standout, with net debt falling to around $4.3bn and the reinstated 83c final dividend materially exceeding expectations. FY27 guidance was also generally positive, supported by higher volumes across Onslow, Wodgina and Mining Services. Brokers remain constructive on the outlook, although UBS and Morgan Stanley cut near-term EPS forecasts, largely reflecting updated assumptions and higher D&A. Management’s interest in copper as a potential new growth avenue received a mixed investor response. Five Buy ratings. Morgan Stanley remains on research restriction.

Mirvac Group enters FY27 with improving growth visibility after three years of asset sales and portfolio repositioning. FY26 results broadly were in line and FY27 guidance slightly ahead of prior consensus. Analysts highlight residential as the key positive, with settlement guidance of 2,800 to 3,100 lots and 63% of residential earnings already secured through pre-sales. Citi points to the stronger balance sheet and $200m buyback as additional positives. UBS questions why the strength in residential translates into only modest group earnings growth. Ord Minnett is more constructive, raising FY27-FY29 EPS forecasts on the stronger residential outlook. Macquarie sees better-than-feared residential sales and settlements underpinning growth. Four Buy-equivalent ratings, including one upgrade to Buy, plus One Hold rating, pending Morgan Stanley's update.

Mitchell Services’ FY26 result showed a significant improvement in earnings, with Morgans noting earnings rose 66% y/y and profit increased more than 2,700%, despite revenue growth of only 7%. Higher rig utilisation, cost discipline and margin expansion drove substantial operating leverage and strong cash generation, supporting a second dividend for the year. Morgans expects operating rig numbers to increase through FY27, providing scope for further earnings growth. One Accumulate rating.

Morgans viewed MLG Oz’s FY26 result as better than expected across all key earnings metrics, with underlying EBITDA rising 14% y/y, and NPAT up 34% y/y. The broker points to the shift towards profitability over revenue growth, with 2H26 EBITDA margins reaching 14.1% and approaching management’s 15% target. An optimised haulage portfolio and expanding civil order book are expected to support further growth. Buy.

Monadelphous Group’s FY26 result was slightly ahead of expectations, but management’s characterisation of FY27 as a consolidation year weighed on sentiment. Morgans focuses on the record Engineering & Construction order book and further major projects yet to be awarded. Macquarie sees the increasingly diversified pipeline as a key difference from previous cycles and upgrades the stock. UBS is more cautious on FY27 growth as Monadelphous cycles an exceptional FY26, but agrees longer-term demand remains robust across resources, energy-transition minerals and infrastructure. One upgrade to Buy and three on Neutral/Hold. Ord Minnett hasn't updated yet.

MoneyMe enters FY27 with improving earnings momentum after delivering a positive normalised NPAT inflection in 2H26 and growing its loan book beyond $2bn. Morgans highlights continued origination momentum across Autopay and personal lending, alongside sound asset quality, and expects the loan book to reach $2.35bn by the end of FY27. The broker forecasts normalised NPAT of $4m in FY27 as increased scale supports further earnings improvement. One Speculaive Buy rating.

MotorCycle Holdings’ FY26 result was strong, with revenue rising 21.3% y/y and NPAT up 43%. Morgans notes growth was broad-based across the divisions, while gross margin expanded 172bp to 26.8%. FY27 and FY28 EPS forecasts are trimmed by -5% and -6%, respectively, on slightly softer sales assumptions. The broker remains positive on the diversified revenue base and strengthened balance sheet, with the company ending FY26 with $13m in net cash. Buy.

MyState’s FY26 result was strong and broadly in line with Ord Minnett’s expectations, supported by the Auswide integration, SelfCo and renewed growth in banking. Good progress on merger synergies, with the longer-term cost-saving target was reaffirmed by management. The broker expects this, alongside continued business growth, to support a strong EPS growth trajectory and rising dividends through FY29. Buy.

Nanosonics’ FY26 result was mixed, with the core trophon business remaining resilient but FY27 guidance disappointing due to higher investment ahead of the Coris launch. Morgans highlights the record trophon upgrade cycle and continued installed-base growth, viewing the weaker FY27 earnings outlook as investment-driven rather than a deterioration in the underlying business. Bell Potter is more cautious, seeing trophon as a maturing business and the longer-term growth outlook increasingly dependent on successful commercialisation of Coris. One downgrade to Accumulate from Buy and one Hold rating.

Navigator Global Investments’ FY26 result was broadly in line with expectations, with stronger Lighthouse performance offset by weaker NGI Strategic distributions. Morgans and Macquarie viewed underlying profit as better than expected, while UBS noted adjusted EBITDA was slightly below forecasts and statutory profit was affected by fair-value adjustments and one-off costs. Brokers are more positive on FY27, with the full-year contribution from the Stable acquisition, continued inflows and potential recovery in NGI Strategic expected to support earnings growth. Balance sheet capacity and a strong acquisition pipeline are viewed as offering further upside. Four Buy-equivalent ratings.

Netwealth Group’s FY26 result was broadly in line to slightly ahead of expectations, with adjusted EBITDA rising 18% y/y. Macquarie and UBS note profit benefited from a lower tax rate and/or finance costs. Revenue margins were softer, while increased investment saw the EBITDA margin ease to 49.3%. The main concern is the softer start to FY27, with net flows running below the pace required to meet management’s $18bn-$20bn guidance. Despite near-term pressure on flows and margins, management retained FY27 guidance and reiterated its FY30 ambition to double FUA and lift EBITDA margins towards 50%. Morgans upgrades to make it five Buys and one NeutralHold. Morgan Stanley's update is still pending.

Neuren Pharmaceuticals’ 1H26 royalty revenue of $33m was 2% ahead of consensus, although Macquarie notes NPAT missed by -26% due to higher R&D spending and a -$4.7m derivatives loss. Bell Potter viewed the result more positively against its own forecasts, with opex below expectations and Daybue royalty income continuing to more than cover operating costs. The key development was Neuren’s maiden fully franked dividend of 15c and a new policy targeting distribution of 70%-100% of post-tax Daybue royalties after corporate and administration costs. FY26 royalty guidance of US$53m-US$56m was maintained. Two Buy-equivalent ratings.

Newmont Corp released a strong quarterly result, broadly in line with most forecasts. UBS highlights higher gold prices and lower unit costs offset lower than expected revenues due to provisional pricing. Earnings (EBITDA) were broadly in line with expectations and consensus. Management confirmed production will move higher towards the target of 6Moz. Morgans points out capital returns remain amongst the best in the gold sector after returning US$1.9bn to shareholders during the quarter. Five out of five Buy ratings.

News Corp delivered better-than-expected revenue and earnings.. Digital Real Estate Services was noted as the largest driver of growth, while the recovery in Dow Jones energy contracts was also notable. Free cash flow advanced 43%, assisting the completion of around $640m of the existing $1bn share buyback, UBS points out. Macquarie liked the Dow Jones earnings target for FY30, which implies around an 11% CAGR over the four-year period, sitting 8% above both the analyst's forecast and consensus. The current valuation is considered appealing, given the growth outlook for Dow Jones and AI content deals. Ord Minnett has upgraded to make it four Buy-equivalent ratings out of four.

NexGen Energy's 2Q update showed ongoing progress at Rook 1, with Morgans noting construction has started and development capex rising to -CAD30.7m. UBS views construction as on track and slightly more advanced going into the Sept 1 construction webinar. A new 1.3mlb US utility off-take agreement was also signed, which lifts contracted volumes to 11.3mlbs. Management has retained some flexibility to keep exposure to higher U308 prices as much as possible. Some 96% of reserves will be available for sale. Further discussions for another 20mlbs are continuing, which indicates U308 prepayments as a source of construction funding. Morgans notes the company can call on 2023 debentures from September and has indicated conversion to equity rather than repayment. This will mean, the broker calculates, up to 16.3m new shares will be issued. One Buy rating and one downgrade to Accumulate from Buy.

NextDC’s FY26 result was slightly ahead of expectations, with underlying EBITDA up 15% y/y, and 4% above Citi's forecasts. FY27 guidance was also stronger than expected, with underlying EBITDA of $385m-$410m and the 565MW forward order book supporting a sharp acceleration in earnings as new capacity begins billing. UBS sees potential for material FY28 consensus upgrades as capacity ramps, although elevated capex and the lack of S5 approval remain key risks. Morgans also expects the result and outlook to provide positive support for the shares. Three Buy-equivalent ratings, awaiting more responses.

NextEd Group delivered resilient FY26 earnings despite difficult education market conditions, with underlying EBITDA rising 7% y/y as stronger margins and permanent cost savings offset lower revenue. Ord Minnett highlights the $8.5m of cost reductions achieved since FY24 and a debt-free balance sheet with $18.2m cash as key positives. The broker sees potential catalysts from new CEO Rob Arthur, vocational-course growth and further market-share gains, although weaker student assumptions prompted -9% to -11% cuts to EBITDA forecasts. One Speculative Buy rating.

nib Holdings’ FY26 result was broadly in line to slightly ahead of expectations, helped by stronger investment income and a significant turnaround in NZ. The main weakness was Australian Residents Health Insurance, Citi suggests, where policy growth slowed and margins deteriorated, partly offsetting the stronger performance elsewhere. FY27 underlying operating profit guidance was below consensus, with UBS cautious on the sustainability of strong NZ profitability and the weaker momentum in Australian health insurance. Management is targeting a recovery in Australian health insurance margins as claims inflation moderates, while balance sheet flexibility following the sale of nib Travel provides scope for further capital management. Three Hold-equivalent ratings including Macquarie's upgrade and Citi's downgrade. Awaiting more responses.

Nick Scali's FY26 net profit after tax of $75.7m was in line with consensus. Sales missed consensus by -3% but more robust margins were an offsetting factor. The UK operated at breakeven, which is viewed positively. Cost of doing business was flat. UK like-for-like sales fell -19% and for FY26 missed consensus expectations by -13%. Analysts do not see much prospect for growth in the short term. Macquarie sees value on a one to three year view. Citi remains cautious on the A&NZ housing cycle, seeing downside risk to earnings over 1H27 and potentially beyond as comparables become more difficult. Thus far, two Buys, one Hold and one Sell rating.

Nickel Industries’ 1H26 EBITDA was in line with consensus according to Macquarie, while Bell Potter recorded a beat against its forecast. NPAT was weaker than expected for both due to higher D&A and finance costs. Operating cash flow was also softer. The analysts remain positive on the outlook, with stable RKEF operations and the ramp-up of the Excelsior HPAL project expected to support higher volumes, margins and cash flow. Two Buy-equivalent ratings. Morgan Stanley yet to comment.

Nine Entertainment’s FY26 result proved broadly in line with expectations, with UBS highlighting better cost control as the key positive despite continued pressure on the traditional Broadcast business. Stan was the standout, with strong earnings and ARPU growth despite fewer subscribers, while QMS gained share in the Outdoor market. UBS sees pro forma earnings growth continuing in FY27, supported by Stan, Outdoor and cost discipline, although near-term TV advertising remains weak. The market's reaction suggested the result was better than feared. One Buy and one Neutral/Hold. Awaiting additional responses.

Northern Star Resources delivered a broadly in-line FY26 result, with underlying NPAT modestly ahead of consensus and dividends also beating expectations. The concern for brokers is FY27 guidance, with gold production around -3% below consensus at the midpoint and AISC around 7% higher, largely reflecting cost pressures at Yandal and Pogo. Macquarie highlights lower-than-expected growth capex as a positive, while Citi sees downside risk to FY27 earnings and questions whether Yandal’s elevated costs could persist beyond this year. Attention is also shifting to execution of the KCGM ramp-up, where expansion costs have increased, alongside potential strategic changes under the incoming CEO. Morgans downgrades to Hold to make it three against one Buy. One more update pending.

Bell Potter assessed Noumi’s FY26 result as in line with expectations and recent guidance, assisted by a stronger-than-expected contribution from Dairy & Nutritionals, where EBITDA rose 95%. Plant Based EBITDA fell -14% y/y as investment in sales and marketing increased, while the broker trims its FY27 EBITDA forecast by -1% and lifts FY28 by 2%. With no formal FY27 guidance, the current takeover offer remains the key influence on the share price. One Hold rating.

Morgans described NRW Holdings’ FY26 result as strong, with NPATA and EPSA up 44% y/y, while Macquarie notes EBITA beat consensus by 3%. FY27 EBITDA guidance is also ahead of consensus at the midpoint, supported by growth across Mining, Fredon and Minerals, Energy & Technologies, including rising data centre demand. Macquarie points to the record $29.1bn pipeline and strong Fredon outlook, while UBS sees an elevated contract win rate providing scope to grow the order book and notes increased liquidity could support M&A. Three Buy-equivalent ratings. Ord Minnett downgrades to Hold.

Nuix’s FY26 result was well ahead of Morgan Stanley’s expectations, with stronger-than-expected growth prompting meaningful upgrades to forward earnings forecasts. Nuix Neo proved the standout, with rapid customer adoption driving new wins and increased spending from existing customers. The broker believes Nuix is emerging as an AI winner, with the strong Neo trajectory supporting further growth despite a substantial increase in product R&D investment in FY27. One Buy-equivalent rating.

Objective Corp’s FY26 result was largely in line with expectations, but also included yet another legacy contract loss, further reducing annual recurring revenue (ARR) by -$3.2m. Morgans continues to see significant opportunity to scale each of the company’s business divisions and deliver earnings growth organically and/or via M&A over the long term. Pending more updates, one Buy rating.

oOh!media reported 1H26 profit down -42% y/y, below consensus, impacted by a -4.3% point drop in the gross margin to 37.5%. Macquarie expects flat year on year earnings with solid second half momentum, noting July earnings were more than double year on year, and August is going to see a similar favourable operating leverage. A binding agreement to be acquired by I Squared in early-August has been entered and was unanimously approved by the board. The company has good 2H26 momentum, and should meet customary conditions for I Squared to complete the take-over, Macquarie comments. Two Hold ratings, including a downgrade by Morgan Stanley.

Ora Banda Mining’s FY26 EBITDA was in line to or ahead of expectations, with Macquarie recording a 10% beat and UBS commenting broadly in line. Both highlight weaker NPAT due largely to higher D&A. Free cash flow was stronger than expected at $215m, leaving the company with $468m of available liquidity. FY27 production, cost and growth expenditure guidance was unchanged. Analysts remain positive on the longer-term “Drive to 300” strategy to more than double production by the end of the decade. Two downgrades to hold-equivalent ratings from Buy-equivalent due to the share price outperformance. Ord Minnett yet to comment.

Origin Energy's FY26 proved slightly better than expectations. The final dividend was viewed as conservative given the strong balance sheet, though UBS points out FY27 capex guidance of $450–650m is materially below consensus and provides scope for dividend growth. UBS also highlights Origin's retail business claims the lowest cost-to-serve across the industry, having now achieved $126m in cost savings and providing a platform for accretive growth. A more bearish-minded Macquarie highlights management has flagged a challenging FY28 and signalled the Otway repricing may also hurt its performance. Two Buy ratings, two on Neutral/Hold, while Morgan Stanley retains its negative rating.

Expectations were low but Orora's FY26 release wasn't quite bottom-of-the-barrel stuff. The reported net loss of -$617m included -$759m in significant items. Lower group EBIT is expected in FY27. Macquarie comments the restart of the buyback is a positive. Citi notes the October restart of RAK production and glass improvement initiatives provide potential upside. Citi sees the absence of further negative developments as a relief, although the near-term operating environment for Saverglass remains challenging. UBS envisages capacity for further capital management. Four Neutral/Hold ratings versus Ord Minnett on Accumulate.

Paladin Energy’s FY26 result contained few surprises, with key operating metrics already released, although Langer Heinrich exceeded FY26 production, sales and cost guidance and generated positive operating cash flow for the full year. Profit was mixed against forecasts, with UBS and Bell Potter highlighting non-cash impairments and higher corporate and marketing costs. Brokers remain constructive on the uranium outlook, with Ord Minnett lifting near-term uranium price assumptions following the term price rise to US$97/lb. Patterson Lake South remains central to the longer-term growth case. Post four downgrades, ratings vary between two Buy-equivalents, two Neutral/Holds and one Sell.

Paragon Care’s FY26 underlying EBITDA rose 2% y/y, within guidance and 2% ahead of Bell Potter, supported by organic growth, synergies and acquisitions. Earnings were constrained by FX headwinds and higher fuel, storage and other operating costs, leaving EBITDA margins flat at 2.6%. Ord Minnett expects the earnings trajectory to improve in FY27, with strong growth from the acquired Asian businesses. Further acquisitions are expected to be funded from free cash flow. One Buy and one Hold rating.

Citi considers Pepper Money’s 1H26 result sound, supported by record loan originations, disciplined cost control and NIM expansion, with profit rising 15% y/y. Whole loan sales also provided support, although mortgage applications have fallen around -15% since May and lower self-managed super fund lending could weigh on volumes. The broker believes management’s track record leaves Pepper Money well positioned to navigate cyclical changes in lending volumes. Buy.

Perenti’s FY26 earnings were in line with expectations, with Macquarie highlighting strong Contract Mining margins despite the portfolio transition and easing headwinds in Drilling. FY27 guidance points to stronger earnings, initially driven by a recovery in Drilling before Contract Mining growth accelerates in 2H27. The analyst sees improving earnings quality, balance sheet flexibility and multiple contract ramp-ups supporting stronger growth through 2027. One Buy-equivalent rating.

Looks like Perpetual's FY26 release proved slightly better-than-forecast, on better cost control amidst weaker revenues. Citi considers the results mixed, with potential corporate activity potentially supporting the share price. The 63cps final dividend beat consensus by 6cps. Thus far, one Buy and one Neutral/Hold.

Peter Warren Automotive’s FY26 result was mixed, with profit broadly in line with guidance and Ord Minnett’s expectations, but profitability deteriorated sharply in 2H26 as higher operating costs offset improved gross margins, record used-vehicle volumes and growth in parts and servicing. Morgans highlights PBT falling -35% y/y and remains cautious given depressed margins, industry headwinds and continued underperformance versus peers. Morgan Stanley also sees limited earnings visibility and believes the previous recovery thesis has weakened, despite an attractive valuation. Two Hold-equivalent ratings include a downgrade from Overweight (Buy-equivalent). One Buy rating.

Pexa Group's FY26 Core EBITDA was 2% ahead of both guidance and consensus, driven by lower operating costs, while Core NPATA beat by 4%-5%. Australian EBITDA of $193m was slightly ahead of expectations, while International losses were also better than forecast. FY27 guidance is the key negative, with revenue of $385-$415m and the EBITDA midpoint of around $130m sitting -5% and -13% below consensus, respectively, reflecting a weaker property transaction volume outlook. Pending more updates, one Neutral/Hold rating.

Judging by the share price rally on the day, the market was positioned for a much worse performance from Pinnacle Investment Management. FY26 net profit after tax of $63m landed -22% below consensus FUM proved around -5% to -7% below consensus. But there were offsetting positives too. Underlying net profit after tax grew by 21%. Affiliate base fees advanced by 35% y/y while affiliate gross performance fees declined -5% y/y but generated $25.6m to Pinnacle's net profit after tax. UBS notes the shares are trading at around a -24% discount to their five-year historical average. Macquarie continues to see potential for accretive M&A. There was plenty to like about this result, Ord Minnett suggests. Three Buys and one Neutral rating.

PLS Group’s FY26 underlying earnings were broadly in line with expectations, Morgans notes, although Macquarie points out NPAT was slightly weaker due to below-the-line items and higher D&A. Several brokers, including Bell Potter highlight the 5c fully franked final dividend as the key positive surprise, supported by strong cash generation and a net cash balance sheet. FY27 production and cost guidance remains unchanged, with the Ngungaju restart expected to support a material increase in production. Attention now turns to the P2000 feasibility study and potential FID, with brokers noting the associated increase in capex could constrain near-term capital returns despite providing significant growth optionality. Three Buy-equivalent ratings, including a downgrade to Accumulate. Two Hold ratings and one downgrade to Sell-equivalent from Hold. Awaiting Morgan Stanley's update.

PolyNovo’s FY26 sales were broadly in line with expectations, with product sales rising 16.7% y/y and underlying EBITDA increasing 51% y/y. Macquarie highlights margin pressure from FX, higher cost of goods sold and investment, although operating cash flow improved. MTX remains the key growth driver, with Morgans noting constant-currency sales growth of 92.7% as hospital penetration expands and the product broadens PolyNovo’s opportunity beyond burns. Bell Potter expects gross margin pressures to prove largely temporary, while better cost control should improve operating leverage. Three Buy-equivalent ratings, including an upgrade by Bell Potter.

Pro Medicus delivered a better-than-expected FY26 result, with Morgans highlighting constant currency EBIT growth of 31% and a 74.9% margin. Ord Minnett notes revenue and underlying NPAT both beat consensus. Brokers see strong visibility into FY27, supported by $1.34bn of forward contracted revenue, a substantial implementation pipeline and successful renewal of all six expiring contracts. Morgans and Ord Minnett highlight significant further market share potential, with Pro Medicus currently holding only around 11% of the radiology network market. Four Buy-equivalent ratings, awaiting further updates.

Propel Funeral Partners’ FY26 result was broadly in line with expectations, with softer organic volumes and FX headwinds offset by good cost control and resilient pricing. Morgan Stanley sees volumes rather than pricing as the key near-term issue, with the benign winter flu season depressing industry death volumes. Bell Potter lowers forward earnings forecasts on softer volume assumptions, higher interest costs and NZ dollar weakness, but continues to highlight the longer-term demographic tailwind from an ageing population. Macquarie adds an M&A angle, highlighting funding capacity near its highest level since FY19 and management discussions around several opportunities, including potentially large multi-brand, multi-location acquisitions. Three Buy-equivalent ratings.

UBS assessed PWR Holdings’ FY26 result as solid and slightly ahead of consensus, led by stronger-than-expected Motorsports performance, partly offset by weaker Aerospace & Defence revenue. For FY27, Aerospace & Defence is expected to become the key growth driver, with its current 30% growth trajectory expected to continue and initial operations commencing at the new Poland manufacturing facility. The broker also expects the statutory profit margin to improve by 2ppts from FY26. Three Hold-equivalent ratings, including a downgrade by Morgans.

H2 was tough on Qantas Airways but strong cost control supported a better-than-forecast performance. Citi suggests lower depreciation should limit the impact of higher fuel on profit. Macquarie finds the cost control bodes well for FY27. FY27 capex guidance of $4.3bn-$4.6bn is materially lower than anticipated. UBS sees a mixed FY27 outlook, with continued disruption and elevated fuel prices pushing 1H27 fuel costs to around -$3.6bn, well above expectations. Thus far, five Buy ratings.

QBE Insurance Group's 1H26 result was broadly in line with expectations, with a 92.8% combined operating ratio and insurance margin of 12.6%, although underwriting profit fell short of consensus. Management reiterated its full year guidance. Premium rate increases slowed to 0.3% in 1H, implying modestly negative pricing in 2Q. UBS suggests achieving the target COR of 92.5% looks increasingly difficult without assuming consistent reserve releases and catastrophe budget beats. Insurance profit growth is seen as poised to stagnate. Morgan Stanley asserts the insurer is positioned to capture the opportunity in data centre premiums. One Buy versus three on Neutral/Hold. One more update is pending.

Macquarie views Qualitas’ FY26 result as slightly better than expected, with EPS in line with consensus but 3% ahead of its forecast and Funds Management EBITDA margins expanding around 200bps. Strong deployment, 21% growth in fee-earning FUM, rising performance fees and operating leverage underpin Macquarie’s increased FY27-FY29 EPS forecasts. Citi is even more confident on the outlook and believes FY27 guidance will prove conservative, citing a strong start to the year and more earnings growth levers than in FY26. The market was disappointed by the guidance which, Citi suggests, was a missed opportunity by management. Two Buy-equivalent ratings. One update pending.

Qualitas Real Estate Income Fund’s FY26 result was solid, with operating profit rising 6% y/y, supported by its entirely floating-rate loan portfolio. Citi notes portfolio quality remained resilient, with a 65% weighted average loan-to-value ratio, 95% senior loans and no impairments or arrears. The fund’s -3.75% discount to NTA reflects broader concerns around private credit rather than any deterioration in underlying fundamentals, Citi concludes. Buy.

Ramelius Resources' FY26 performance was scarred by multiple one-offs, including Spartan acquisition costs, Spartan royalty fair value and FY27 hedge book closure. Underlying, the performance was in line with expectations. Ramelius declared a dividend of 3cps, taking total FY26 dividends to 6cps, a 21% beat versus consensus. FY27 guidance and a four-year outlook is to be released during September. Macquarie downgrades to Neutral on a strong share price performance. Two other Buy ratings. More updates pending.

Macquarie saw Ramsay Health Care's FY26 outperforming expectations across all geographies, backed by a solid FY27 outlook. Citi adds profit beat consensus by 13% due largely to better cost management. FY27 guidance calls for EBIT growth and margin expansion in Australia and the UK. While Morgans views result quality as encouraging, FY27 guidance is qualitative, with management only targeting earnings growth and margin expansion (ex - Sante), leaving the sustainability question open for debate. Morgan Stanley remains concerned about wage inflation, private health insurance funding and the potential impact of higher premiums on volumes. One Buy, versus three Neutral/Holds and two Sells, including one downgrade.

RAS Technology's FY26 result was modestly below Ord Minnett's expectations, with ARR of $23.5m and revenue of $28.4m missing forecasts by -7% and -4%, respectively. EBITDA of $2.2m was broadly in line. Despite the loss of the Stake contract, ARR still rose 9% y/y and revenue grew more than 30% for a fifth consecutive year. The UK and Asian businesses were standouts, while the onboarding of LeoVegas, Bet UK and BetMGM after year-end should support FY27 growth. With the investment cycle maturing, One Buy rating.

Analysts had adopted a cautious approach, opening the door for a positive surprise from REA Group. Morgans observes the core Australian residential business was underpinned by double-digit yield growth and a resilient listings environment. EBITDA growth was 12%. Cost discipline was a key feature. Macquarie notes no new share buy-back was announced, with a preference for franked dividends. As far as the outlook is concerned, listing volumes remain key. While most forecasts remain on the cautious side, management does what management at REA tends to do best; controlling the controllables. Four Buy ratings, versus two on Neutral/Hold and Bell Potter on Sell.

ReadyTech Holdings’ FY26 result was below Ord Minnett’s expectations, with underlying and cash EBITDA missing by -5%-6% due to customer churn, project delays and continued research investment. FY27 guidance points to subdued revenue growth of 2%-6%, although management expects margins to recover through cost reductions, AI efficiencies and implementation-led subscription growth. The Victorian TAFE contract provides validation for the Ready Student platform, but Ord Minnett wants evidence the reset cost base can translate into stronger growth. One downgrade to Accumulate from Buy. Awaiting an update from Morgans.

UBS found Redox’s FY26 result broadly in line with expectations, with stronger gross margins, 34% US organic revenue growth and an 84% increase in operating cash flow among the positives. Higher chemical prices and resilient volumes should provide momentum into FY27, although the analyst anticipates some margin moderation in 2H27. Morgan Stanley remains cautious about the longer-term earnings trajectory. Ord Minnett forecasts 16% EBITDA growth in FY27 and sees the strong balance sheet providing ample capacity for acquisitions and organic investment. Two Buy-equivalent ratings and one Hold-equivalent.

Reece’s FY26 result was broadly in line to slightly ahead of expectations, with stronger A&NZ trading offsetting continued weakness in the US. Citi and UBS highlight A&NZ sales growth of 8%, including an acceleration to 13% in 2H26, while stronger cash flow and lower net debt were additional positives. The outlook is more mixed, with the strong A&NZ activity pipeline expected to support momentum into 1H27, but management anticipates only modest US growth as residential construction remains subdued. Analysts generally note the US outlook is softer than consensus expectations for a stronger recovery. Macquarie downgrades and joins UBS on Sell, versus one Buy and two on Neutral/Hold.

Regal Partners’ 1H26 result revealed normalised NPAT more than doubling y/y as performance fees rose 180%. Bell Potter highlights strong investment performance and fund inflows, with FUM continuing to expand rapidly. The outlook remains positive, supported by further inflows and growth across alternative strategies, although performance fees remain inherently difficult to forecast. Morgans flags Phil King’s planned retirement as a near-term sentiment risk, while Bell Potter points to strong credit demand and further capital raisings as supportive of FUM growth. Two Buy ratings.

Region Group’s FY26 result was in line with expectations, with FFO of 16cps, while FY27 guidance for 3% growth was slightly below consensus. Citi highlights solid 3.3% comparable NOI growth and sees guidance as potentially conservative, while UBS points to $55m of centre enhancement projects targeting yields above 7% as management prioritises internal growth. Morgan Stanley and UBS flag rising debt costs as a longer-term constraint, although extensive near-term hedging and defensive non-discretionary retail exposure provide earnings protection. Two Buy ratings, one Hold-equivalent and one Sell-equivalent. Two brokers yet to update.

Regis Healthcare’s FY26 result was slightly ahead of expectations, with Macquarie and Ord Minnett highlighting better staff costs, strong cash flow and improving resident pricing as key positives. The outlook is supported by higher RAD pricing and an increasing proportion of RAD-paying residents, with recent room repricing expected to provide a meaningful cash flow and earnings tailwind. Near-term uncertainty remains around September’s AN-ACC funding decision, while UBS also flags slower uptake of Higher Everyday Living Fees as a risk. Two Buy-equivalent ratings and one Hold-equivalent rating.

Regis Resources' achieved record FY26 earnings, with NPAT up strongly from FY25, although the result was -3% below consensus due to higher tax expense. FY27 guidance was reaffirmed at 360-400koz of gold production at AISC of $2,990-3,390/oz. Three downgrades have followed in response to a strong share price rally. UBS and Ord Minnett moved to Sell, Macquarie to Neutral. The 20cps fully franked final dividend, including a 5cps special dividend, has turned Regis Resources into the highest yielding gold stock in Macquarie's sector coverage (6.1%). Bell Potter highlights the company maintains an unhedged and debt-free balance sheet with robust gold price leverage across its all-Australian asset portfolio. UBS and Ord Minnett downgrade to Sell, Macquarie to Neutral. Bell Potter sticks with Buy.

Reliance Worldwide’s FY26 result was broadly in line with expectations, although analysts highlight a softer margin outlook as tariffs, copper and other input costs offset pricing and cost initiatives. Macquarie and Morgan Stanley point to stronger Americas performance and signs tariff mitigation is working, while FY27 mid-to-high single-digit sales growth is expected despite subdued end markets. The result has been overshadowed by Brookfield Capital Partners’ non-binding $4.75 per share takeover proposal, which now represents the key near-term catalyst. Four Hold-equivalent ratings and one Buy-equivalent rating. UBS is yet to respond.

Resimac Group’s FY26 result was mixed, with the run-off of the auto finance book weighing on performance, although Citi highlights a return to growth in housing lending and an attractive dividend yield. Resimac is expected to remain relatively resilient to softer housing activity but forecasts lower profit in FY27. One Hold-equivalent rating. The market's positive reaction suggests the result was better than feared.

The market likes to sell ResMed shares on results day and this time was no different. Sales and net profit met or even slightly beat forecasts, but a lower margin and better performance ex-America (compensating for slightly disappointing US sales) proved enough for the sellers to do their thing. ResMed management has guided to FY27 revenue of US$5.75bn-US$5.85bn, EPS of US$12-US$12.25 and US$1.5bn of share repurchases. Macquarie notes the core sleep business remains strong, with management confident in medium-term revenue and earnings growth, supported by year on year double-digit gross margin expansion and in spite of GLP-1 fears. Four Buys versus two on Neutral/Hold.

Resolute Mining’s 1H26 result was weaker than expected, with Macquarie noting NPAT missed both its forecast and consensus by -19% due to higher operating costs and adverse fair value and treasury movements. Operating cash flow was the bright spot, beating the broker’s forecast by 19%, while the strong net cash and bullion position provides capacity to fund Doropo and withstand further disruption at Syama. Management maintained 2026 production guidance, although Macquarie is already forecasting below the range given the Syama disruptions and tight timeframe to ramp up the sulphide processing. The market continues to like gold stocks. One Buy-equivalent rating. Ord Minnett yet to update.

Ridley Corp’s FY26 result was ahead of expectations, with underlying EBITDA up 62% and the recently acquired Fertiliser Distribution business materially outperforming forecasts. Morgans also highlights stronger-than-expected cash flow, while UBS notes higher finance costs meant the EBITDA beat did not fully flow through to NPAT. Both brokers see further upside from acquisition synergies, cost savings and network optimisation, with Morgans expecting growth across all business units in FY27. Two Buy-equivalent ratings.

Rio Tinto released a strong, though largely inline half-yearly performance. Macquarie notes the key copper and iron ore assets beat consensus while the smaller assets detracted from the result. The share price responded positively to management's plan to sell assets for a targeted return of US$5bn in the second half. Morgans believes the business is executing well with the balance sheet in better shape than previously forecast while productivity gains are real. Citi highlights stronger-than-expected free cash flow (FCF), driven by lower tax, higher associate dividends and reduced capital expenditure. With the share price already close to targets, ratings are divided over four Neutral/Holds, one Buy, and one Sell.

Rural Funds Group’s FY26 result was broadly in line with expectations, but FY27 guidance disappointed as weaker macadamia prices and lower farming yields removed the growth previously anticipated. UBS cuts FY27 adjusted FFO by -8%, estimating earnings would have been materially higher without the farming headwinds. Bell Potter highlights recent asset sales and the strengthened balance sheet as providing capacity for capital deployment, with management looking to rotate into higher-yielding agricultural infrastructure assets. Two Buy ratings.

Sandfire Resources’ FY26 result was broadly in line with expectations, with underlying EBITDA of US$867m and NPAT of US$350m, while the major positive surprise was the reinstatement of dividends with a fully franked 35c final payment. Brokers highlight the strong balance sheet and cash generation, alongside broadly in-line FY27 production and cost guidance. Sandfire is entering a stronger free cash flow and capital returns phase ahead of longer-dated investment in Kalkaroo, while exploration at Matsa and Motheo offers potential to extend mineral inventories. Two Hold-equivalent ratings including one downgrade from Accumulate, and one Accumulate and one downgrade to Sell from Neutral due to the share price outperforming. Two brokers yet to update.

Santos' H1 underlying earnings of US$397m beat consensus by 17%, largely due to a lower tax expense. The US10.6c interim dividend was ahead of consensus and represented a 100% payout of operating free cash flow. 2026 guidance is unchanged. Citi lauds the ongoing de-risking across Santos' growth portfolio, with Barossa maintaining its targeted eight-day cargo loading cadence, Pikka ramping up and Papua LNG remaining on track for FID in 4Q26. Macquarie highlights de-leveraging as the next focus, with Santos reiterating its US$2.5bn net debt reduction target by 2030. So far, four Buy ratings versus Ord Minnett on Hold.

Citi views Scentre Group's interim result as a clear beat, with funds from operations (FFO) guidance upgraded to at least 23.79cpu, implying 4.25% growth. Others are less enthusiastic, suggesting FY27 guidance is underwhelming. Portfolio occupancy reached 99.8%, the highest since 2013, while specialty leasing spreads improved to 3.7%. UBS argues consumer spending softness and valuation limit near-term upside. Macquarie upgrades to Neutral on valuation, joining UBS versus two positive ratings.

Seek's FY26 performance met forecasts but FY27 guidance disappointed, with the midpoint of EBITDA and NPAT guidance below consensus as softer volumes and increased D&A constrain growth. Seek guided to weaker-than-expected A&NZ volumes at mid-single digit declines as a base case due to ongoing operating headwinds, though somewhat offset by its ability to generate yield growth of 10% as a floor. Analysts commentary suggests the share price punishment looks excessive. Citi sees scope for A&NZ volumes to prove more resilient than Seek's assumptions, while medium-term yield growth of more than 10% is supported by premium products, dynamic pricing and new recruiter tools. Morgans suggest the current normalisation in job ad listings will eventually stabilise, providing an opportunity for the business to utilise pricing models and platform benefits to drive profitable long-term growth. Bell Potter downgrades to Neutral to make it two against five unchanged Buy ratings.

Service Stream posted a better-than-expected FY26 result, with analysts highlighting stronger Utilities margins, solid Transport and Defence performance and strong cash conversion. Growth visibility remains favourable, with $8.2bn of work in hand and UBS noting 85% of FY27 work is already secured through contracts or extension options. Morgan Stanley sees further upside from the Defence ramp-up and expansion into Social Infrastructure, although FY27 earnings are expected to be weighted towards 2H and SaaS investment is set to peak. Three Buy-equivalent ratings.

SGH Ltd's FY26 result proved broadly in line with forecasts, with EBIT up 1% to $1.6bn as 14% growth at Boral and 1% at WesTrac offset weaker performance at Coates and Energy. Underlying net profit after tax missed consensus by -3%. The final DPS at 32c is as expected. As noted by analysts, SGH is expected to encounter a "consolidation" year in FY27 with FY27 guidance for flat to low-single-digit EBIT growth below expectations, largely due to currency pressure and softer capital sales at WesTrac. Management is likely to start executing its $500m buyback with the BlueScope Steel ((BSL)) bid now looking unlikely, Macquarie suggests..M&A is another key focus, with SGH likely now seeking bolt-ons to existing businesses. Morgan Stanley retains a positive outlook, believing the stock is a high-quality industrial with privileged assets. Five Buy-equivalent ratings with one downgrade to Hold from Buy.

Shape Australia posted a strong FY26 result, with revenue up 30% and earnings at the top end of guidance. Morgans highlights a solid $628m order backlog and expanding $4.8bn pipeline heading into FY27, supported by the Arden and APS acquisitions. Ord Minnett sees the 9.8% gross margin as sustainable as the acquired businesses expand, with modular construction providing another avenue for growth. The proposed $800m-plus DigiCo SYD1 expansion is viewed as the major near-term catalyst, alongside opportunities across hotels, aged care and further acquisitions. Two Buy ratings.

Sigma Healthcare's FY26 performance was only marginally below consensus and management is guiding towards double-digit growth for FY27. Citi suggests slowing Chemist Warehouse Australia LFL sales, a modest earnings miss and weak cash flow weighed down the share price. Macquarie sees a clear pathway for ongoing market-share gains and material earnings growth supported by structural tailwinds across the health and beauty network. Ord Minnett highlights the long-term domestic store opportunity, international expansion and eventual entry into the UK as major growth drivers. Two upgrades make it six Buys versus one Neutral/Hold.

Sims's FY26 earnings were 10% above consensus and 25% above the guidance midpoint. Sims Lifecycle Services (SLS) earnings were in line but 1H27 guidance is -33% below 2H26 and -32% below consensus on more variable data centre decommissioning timing. In metals, Americas earnings were -12% below consensus despite 70% growth, while A&NZ was broadly in line amid weak ferrous markets. Macquarie highlights near-term SLS timing and weaker A&NZ ferrous conditions remain the key issues. Thus far, one Buy, one Neutral/Hold and one Sell, with one more update pending.

SiteMinder's FY26 underlying earnings (EBITDA) of $28m rose 96% but missed forecasts by -5%-6%, primarily due to weaker revenue. In addition, constant-currency annual recurring revenue (ARR) growth slowed to 24% in the second half from 27% in the first, while transaction gross margins weakened. UBS finds earnings were slightly below expectations, but also highlights free cash flow materially exceeded forecasts and the EBITDA margin improved by 4.2 percentage points. Macquarie states the market is capitalising a bear thesis in the current PE multiple, despite targets of mid-20% sales growth and 15% earnings margin expansion. Morgan Stanley believes there is a potential significant growth opportunity from SiteMinder's partnership with hotel property management system Mews, and similar deals. Five Buy ratings.

SkinKandy’s FY26 result was ahead of Morgans’ and prospectus expectations, supported by strong like-for-like sales growth and better-than-expected margins. Continued store expansion is seen as the key growth driver, with another 18–20 openings targeted for FY27 as SkinKandy works towards a substantially larger A&NZ network. Strong cash conversion and a net cash balance sheet provide funding for the rollout, while the broker raises forward earnings forecasts on expectations for stronger sales growth and more stores. One Buy rating, pending a response from Ord Minnett.

Having pre-reported its FY26 metrics, Morgans points out SKS Technologies' FY26 numbers were largely in line with expectations and showed PBT growth of 89% y/y. FY27 guidance for PBT growth is around 53% which is well supported by the current work in hand. The tender pipeline has grown to $1.69bn. The broker believes the company is well positioned to see further contract wins towards the end of 2026. Buy.

SkyCity reported NZ$182m FY26 uEBITDA, down -22% yoy and at the low end of guidance. Macquarie's uEBITDA forecasts have been adjusted by -10%, up 2% and up 3% in FY27–FY29. Macquarie sees dividends making a return in FY28 and has pencilled in NZ4c. So far, one Buy.

Smartgroup’s 1H26 result was ahead of expectations, with revenue up 13% and EBITDA up 16%, supported by strong salary packaging and novated leasing demand. Vehicle settlements rose 17% and orders increased 34%, driven by accelerating electric vehicle adoption. Brokers remain positive on the revenue outlook, but higher investment in technology and operating costs is limiting near-term operating leverage. Macquarie and Bell Potter downgraded on valuation, while Morgan Stanley and Ord Minnett see re-investment and digital transformation supporting medium-term growth. Two downgrades to Hold-equivalents from Buy, resulting in three Holds and one Buy rating. Morgans' response is still pending.

Morgans (Accumulate) saw Solvar releasing a solid FY26 result, broadly in line with expectations, while continuing to execute an orderly exit from New Zealand operations. The gross loan book expanded 4.8% year-on-year to $953.4m, led by strong Australian receivables growth. Positive origination momentum observed in the second half of FY26 has carried forward into early FY27, supporting the broader commercial push and book growth objectives.

Sonic Healthcare’s FY26 result was broadly in line to slightly ahead of expectations, but analysts have turned considerably more cautious on the outlook. Citi, UBS and Morgans point to weaker-than-expected FY27 guidance as Swiss funding cuts, wage pressures, a stronger AUD and transformation costs offset organic growth and expected improvements in the US. UBS cuts FY27/FY28 EPS forecasts by -7%/-14%, while Ord Minnett sees little earnings growth in FY27 as German synergies and US cost reductions are absorbed by reimbursement and cost pressures. One Buy-rating, four Hold ratings, including one downgrade from Buy, plus one Sell-equivalent rating. Macquarie yet to update.

South32’s FY26 result was broadly in line to slightly ahead of expectations, with underlying EBITDA up 28% y/y to US$2.46bn and strong free cash flow, supported by Cannington and Sierra Gorda. FY27 guidance points to continued cost pressure, while brokers expect proceeds from the aluminium divestment to be directed largely towards growth projects rather than capital returns. Morgans and Ord Minnett downgraded following recent share price strength, although views remain positive on South32’s longer-term copper and zinc exposure. Three Buy-equivalent ratings, including a downgrade to Accumulate from Buy. Two Hold-equivalent ratings including a downgrade from Accumulate to Hold. UBS yet to comment.

Southern Cross Electrical Engineering FY26 underlying EBITDA rose 40%, beating its own guidance by 3%.Stronger margins and contributions from Force Fire offset lower revenue following completion of several major projects. Bell Potter highlights a record $810m order book and multiple large-scale data centre tenders, with FY27 guidance for EBITDA above $100m and a tripling of data centre revenue to $360m reiterated. Bell Potter makes no material changes to forecasts, retains Buy and an unchanged $5.40 target.

FY26 results from Southern Cross Media were in line with UBS' estimates while the outlook around FY27 appears limited for the radio and TV advertising market as the first quarter trading has so far been relatively flat. Absent a meaningful advertising market recovery, EBITDA will be supported by the ongoing cost reduction program that will help offset inflationary pressures and future investments. Assuming the top line remains flat, UBS expects 2% growth in operating expenditure to flow through to a -14% decline in FY27 EBITDA. Upside risk exists if the top line recovers before the end of the cost reduction program. Morgan Stanley forecasts a new Southern Cross earnings CAGR of -7% over the next three years. One Hold rating, one Sell-equivalent, pending one further update.

UBS regards Spark New Zealand's FY26 result as a step in the right direction, with EBITDA and free cash flow in line with guidance, while slowing mobile market share losses and lower-than-expected churn following price increases were encouraging. FY27 free cash flow guidance implies 5.5% growth at the midpoint, with further upside possible from new mobile and wireless broadband products, a potential Digital Services sale and capital management. Despite these opportunities, UBS cuts FY27/FY28 EPS forecasts by -15%/-8%. It is Macquarie's view that FY27 guidance supports earnings stability, modest dividend growth and portfolio upside. This broker suggests investors should see Spark New Zealand as a self-help and portfolio simplification opportunity. The market took the result as better-than-feared. Two Buy ratings, with one more update pending.

SRG Global's FY26 result exceeded June guidance with Maintenance EBITDA up 40% y/y and E&C rising 14%. TAMS achieved better than expected EBITDA annualised results. Morgans observes the order book has advanced significantly over the last 6 months, up 20%-plus. Bell Potter opines valuation reflects a premium justified by management's strong track record and a high proportion of recurring earnings streams. So far, two Buy ratings.

Stanmore Resources’ 1H26 result was below expectations, with Morgans highlighting higher diesel costs, the stronger AUD and weather disruptions as key headwinds, while the absence of an interim dividend was another negative surprise. FY26 production and cost guidance was nevertheless reaffirmed and free cash flow remained positive. The recent recovery in hard coking coal prices could support a stronger 2H26, while Ord Minnett highlights the strengthened balance sheet and potential growth from Isaac Downs Extension, Eagle Downs and Lancewood. One Buy and one Hold rating.

Steadfast Group’s FY26 result was slightly ahead of expectations, with strong agency and international earnings partly offset by higher head-office costs. UBS lifts forward earnings forecasts following better-than-expected FY27 guidance, although it questions management’s premium rate assumptions given the softer pricing environment. The broker believes the Amwins-led takeover is likely to proceed, but highlights the limited control premium and material downside risk should shareholders reject the offer. One downgrade to make two Hold ratings. Awaiting more responses.

Stealth Group posted a strong FY26 result, with NPAT rising 86% y/y and EBITDA up 44% y/y as margins expanded by 170bps, supported by the Hardware and Building Traders acquisition. Ord Minnett expects another significant earnings step-up in FY27, driven by a full-year HBT contribution, organic growth and acquisition synergies. Low leverage of 0.5x provides additional balance sheet flexibility. The broker sees the company progressing towards its FY28 targets of more than $500m in sales and an 8%-12% EBITDA margin. Buy.

Step One Clothing's FY26 reflected continuous difficult circumstances and a shift away from deep price discounting. Morgans in particular is forced to further reduce forecasts. The broker notes the business is navigating ongoing headwinds as management works through top-line adjustments and margin stabilisation efforts. Bell Potter too remains cautious as weaker consumer conditions, reduced promotional activity and elevated marketing investment continue to weigh on sales and operating leverage.Two Hold ratings.

Stockland posted a stronger-than-expected FY26 result and FY27 outlook. Residential settlements came in ahead of expectations and FY27 FFO guidance around 6% above consensus at the midpoint. Brokers highlight data centres as the key surprise, with Macquarie noting initial site-transfer earnings from the EdgeConneX partnership are included in guidance. Morgan Stanley estimates data centres could contribute around $50m-$80m of pre-tax profit. Citi sees the opportunity extending beyond FY27 through land transfers, development fees and post-completion gains, while UBS also points to stronger land lease settlements. The main area of caution is residential. UBS upgrades to Buy to make it three versus one Neutral/Hold. Awaiting an update from Ord Minnett.

Abacus Storage King's FY26 showed resilience but disappointment came with a materially weaker FY27 distribution guidance of 4.50cps and implied FFO guidance of 4.50-5.00cps, reflecting the reset of historically low hedged interest rates to normalised market levels. Citi views FY27 as a reset year rather than a structural deterioration, with internalisation expected to deliver $7m in annualised cost savings and providing a cleaner operating structure. Gearing is a concern for Ord Minnett, especially given the large development pipeline of 16 stores planned for delivery plus expansions in the medium-term, together equivalent to around 18% of portfolio net lettable area. Bell Potter sees Storage King as a potential M&A target. Citi sees medium-term upside from the development pipeline and the stock's circa -29% discount to NTA, although higher finance costs remain a near-term risk. Three Neutral ratings.

UBS notes FY26 cash net profit from Suncorp Group was ahead of expectations amid higher reserve releases. Capital returns were stronger than expected, with a $0.10 special dividend and $250m buyback. Guidance for FY27 is for gross written premium growth between 3%-5%. For Citi, the cash earnings were lower than forecast but above consensus. The difference is attributed to a loss of -$45m offset by marginally better income on shareholders' funds and lower non-controlling interests. Gross written premium growth of 2.7% was generated with net investment revenue growth of 5.5% which was a slight beat on the analyst's forecast and a slight miss on consensus. Thus far, two Buy ratings and three on Neutral/Hold.

Super Retail's FY26 proved a positive surprise, primarily due to lower operating costs and stronger gross margins at Rebel and BCF. However, early FY27 trading is mixed, with Supercheap Auto the standout at 4% LFL growth, while Rebel and BCF remain subdued and Macpac sales have fallen sharply amid warmer winter weather. Macquarie views the result positively given the difficult consumer backdrop, but notes three of the four brands continue to underperform inflation and its own expectations. Ord Minnett believes Rebel's improved promotions, lower theft and 170-basis-point second-half gross-margin expansion mark the beginning of a broader turnaround, supported by resilient early FY27 trading. Three Buys, two on Neutral/Hold and Morgan Stanley --more worried about consumer spending ahead-- on Sell.

Superloop's FY26 performance beat forecasts as a higher gross margin offset slightly weaker revenue. FY29 targets were reiterated. FY27 guidance will be provided at the AGM. Morgans mentions an "impressive result". Some negatives include consumer gross margin softened, wholesale subscriber additions were below expectations and capex of $38m exceeded guidance. Morgan Stanley highlights cash conversion was strong at 101%, consumer share grew to around 8.8% of new orders versus a 5.2% share. UBS forecasts a robust 34% cash EPS CAGR over 3-years. Three Buys and two on Neutral/Hold.

Supply Network’s FY26 result was ahead of Ord Minnett’s expectations, driven by stronger operating margins and double-digit growth across A&NZ despite broader industry headwinds. Ord Minnett expects further market share gains and continued investment in the branch network to support double-digit earnings growth into FY27 and beyond, with management targeting another meaningful step-up in revenue this year. Buy.

Symal Group’s FY26 result was slightly ahead of expectations, with resilient margins despite very strong growth and continued diversification of the business. Morgans highlights structural opportunities across Brisbane 2032, renewable energy, data centres and defence as supporting another strong year in FY27. Ord Minnett points to the growing work-in-hand and sees material additional upside from data centre activity. The conservative balance sheet also leaves capacity for further growth and acquisitions. Two Buy ratings.

Tabcorp’s FY26 result was ahead of expectations, with EBITDA rising 10% y/y, beating consensus by 2%, driven by stronger variable contribution margins and good cost control. Macquarie highlights better-than-expected benefits from the new retail commercial model, with Phase 1 contributing $22m of EBITDA and a further circa $25m expected in FY27. The FY27 outlook is more mixed, with softer turnover growth and higher opex, D&A and capex creating headwinds, although the retail commercial model provides an offset. UBS expects the BetMakers acquisition and associated synergies to support earnings from FY29. One Buy and one Hold-equivalent rating. Awaiting additional analyst updates.

Tasmea delivered earnings in FY26 that were slightly ahead of forecasts and Morgans notes a "fast" start to FY27 amid strong visibility, which has led to the company upgrading FY27 EBITDA guidance to $205m-$210m and net profit of $130m-$133m. Management has noted July was exceptionally strong with around 75% of subsidiaries beating budget. The broker hails the "ambitious" growth plans with the first EBIT hurdle at $200m in FY27 and increasing by $100m in each year to $600m by FY31, as laid out in the proposed options package for executive director and chief operating officer, Trend Northover. One Accumulate rating. Ord Minnett yet to update.

Citi sees Telix Pharmaceuticals entering a catalyst-rich period, with potential FDA approval for Pixclara and a Zircaix resubmission among the key near-term events, while 2026 guidance remains unchanged. Morgan Stanley points to market share gains and better-than-expected gross margin expansion in Precision Medicine, and believes the current share price assigns no value to the Therapeutics portfolio. Bell Potter also identifies Pixclara as the key near-term catalyst, while noting higher R&D and marketing expenditure weighed on 1H26 earnings. Four Buy-equivalent ratings, one ascribed as High Risk. UBS yet to respond.

Telstra Group's FY26 underlying NPAT of $2.5bn was 2% ahead of consensus, helped by a lower effective tax rate, while underlying EBITDA was broadly in line and operating costs fell -3%. The new $1bn buyback, solid cost control and progress at the Aura network are viewed as positive factors, while network services EBITDA also benefited from lower costs. FY27 cash EBIT guidance disappointed (around -2% below consensus at the midpoint) as business as usual capex is higher than expected. Citi highlights Telstra remains on track for its FY30 targets. Morgans adds Telstra's defensive earnings and solid cash generation support overall stability. Macquarie counters the telco's defensive premium is eroded by a higher rate/accelerating growth landscape and increasing competition. Five Neutral ratings versus one Accumulate and one Buy.

Temple & Webster released a strong FY26 result but also a weak FY27 trading update. Morgan Stanley, for one, is concerned by the -13% decline in FY27 year-to-date sales. The broker believes FY27 earnings now require a larger-than-usual 2H skew and sees increased risk of a strategic recalibration under the new CEO. Both Bell Potter and Morgan Stanley downgrade to join Citi and UBS on Neutral/Hold.

Tourism Holdings’ FY26 result was ahead of consensus, with Morgans highlighting Rentals as the standout as tourism demand, fleet growth and utilisation improved, offset by continued weakness in vehicle sales. The FY27 outlook is more mixed, with the anticipated earnings step-up delayed by softer forward bookings and challenging RV sales, although more recent booking trends across A&NZ and North America have improved sharply. Morgans believes the two takeover proposals currently under due diligence undervalue the company given the emerging earnings recovery and stronger balance sheet. One Buy rating. Awaiting a response from UBS.

TPG Telecom's 1H26 result was broadly in line with expectations, with FY26 guidance reiterated. With a positive dividend surprise and a policy of sustainably growing the dividend, Macquarie thinks the potential for capital management continues to look good (and is improving). UBS counters by highlighting fixed broadband remains challenged, with ongoing NBN subscriber losses expected to be only partly offset by Fixed Wireless. Ord Minnett highlights the greater earnings certainty and an attractive dividend yield relative to Telstra Group ((TLS)). Thus far, one Buy, two Accumulate ratings and one Neutral/Hold.

Trajan Group’s FY26 result was below expectations, with adjusted EBITDA down -15% to $13.2m as capital equipment weakness and currency movements weighed on earnings. Ord Minnett and Bell Potter cut their FY27-FY29 earnings forecasts materially, although both highlight a stronger exit from FY26 as cost reductions and improving margins supported a 61% half-on-half increase in 2H earnings. FY27 guidance points to mid-single-digit revenue growth and double-digit EBITDA growth, but evidence of improved execution remains important for a sustained recovery. Two Buy ratings.

Transurban Group delivered FY26 EBITDA that was lower than anticipated, with Macquarie describing the performance in Victoria as "terrible". US performance was also weaker amid higher maintenance costs. FY27 distribution guidance of 72c came in as expected, but surprised some. Management has flagged FY27 is shaping up as a transition year. Citi sees some risk to free cash flow growth in FY28, which will increasingly depend on a recovery in West Gate Tunnel traffic. Medium-term growth prospects are seen as improving, supported by an opportunity pipeline of more than $10bn and a strong balance sheet with $3.8bn in corporate liquidity. The willingness to pay a FY27 distribution, with guidance set at $0.72, implies for UBS an expectation that dislocations to free cash flow generation are temporary. Five Neutral ratings with Morgans the one negative stand-out.

Investors continued to welcome the FY26 results from Treasury Wine Estates, with UBS noting the 'turnaround' generated a decline in EBIT of -36% but met expectations and came in 1% above consensus. Underlying NPAT beat the analyst's forecast by 3%, with Treasury Collective outperforming expectations, Penfolds slightly missing and Treasury Americas broadly in line; net debt remained elevated at $1.78bn, or 2.8 times EBITDA. Management maintained guidance for FY27 EBIT to be at least level with FY26, supported by $40m of cost savings, although earnings are expected to be weighted 55% to the second half. Morgans upgrades to Buy, joining Citi, versus four on Neutral/Hold.

Tyro Payments’ FY26 result was slightly below expectations, with improving margins and cash generation offset by subdued revenue growth. Morgans sees reinvigorating sales as the key challenge given Tyro’s exposure to retail and hospitality and competitive pressures in payments, prompting lower near-term earnings forecasts. Macquarie highlights Health as the most attractive part of the business and sees scope for further margin expansion in FY27, but considers the overall risk/reward balanced. One Buy rating and one Hold-equivalent rating. Awaiting a response from Morgan Stanley.

Universal Store’s FY26 result was slightly better than expected, with Citi pointing to improved gross margins, disciplined inventory management and a strong net cash position. UBS and Morgans are encouraged by the accelerated rollout of 16-20 new stores in FY27, with Perfect Stranger showing particularly strong momentum, although trading at Universal Store and THRILLS has been more subdued. UBS sees further market share gains in youth apparel, while Citi materially lifts FY27/FY28 EPS forecasts, though the structurally challenged CTC wholesale business remains a concern. Four Buy ratings. One broker update pending.

Veem’s FY26 result was broadly in line with guidance, with revenue down -25% to $51.8m and underlying EBITDA falling -61% to $3.6m. Ord Minnett highlights an improvement in 2H activity, including stronger defence orders, while the recovery in marine markets has continued into FY27. The broker sees longer-term value in Veem’s defence and submarine capabilities but is waiting for evidence of a sustained earnings recovery. One Accumulate rating. Morgans yet to respond.

Ventia Services’ 1H26 result provd mixed but ultimately ahead of expectations, with weaker revenue more than offset by margin expansion and cost discipline. Macquarie and UBS highlight profit was ahead of forecasts, while Morgan Stanley points to softer revenue from contract transitions, reduced Defence scope and slower Telecommunications volumes. FY26 profit growth guidance of 7%-10% was reiterated and the EBITDA margin target increased to above 9% from above 8.5%. Morgans sees execution and further margin expansion as key to 2H26, while UBS and Macquarie highlight strong cash generation, the increased share buyback and structural growth from infrastructure and defence spending. Two Hold-equivalent ratings and two Buy-equivalent ratings. Ord Minnett yet to update.

Vicinity Centres' FY26 result was in line with expectations while FY27 guidance is slightly better. Macquarie highlights the completion of Chatswood Chase, which is expected to generate more than $250m in development profit, while further projects at Galleria and Uptown provide additional growth. The broker also points to the strong balance sheet, positive property revaluations and 99.6% occupancy. Citi highlights fading development drag as a key earnings driver, with lost rent expected to decline to around -$18m in FY27 from -$27m, while gearing remains conservative at 26.1%. UBS downgrades to make it four out of four Neutral/Hoild ratings.

Virgin Australia’s FY26 result was ahead of expectations, with EBIT of $753m modestly beating consensus and underlying PBT up 22% y/y, supported by lower financing costs despite Middle East disruption. Cash flow was also stronger than expected, reducing net debt to $1.2bn and supporting the first dividend since relisting. Citi and UBS highlight a resilient FY27 outlook, with 1H27 EBIT expected to be flat y/y despite higher fuel costs. Further transformation benefits and potentially conservative revenue assumptions provide upside, although reduced fuel hedging increases earnings exposure. Two Buy ratings. Awaiting more broker updates.

Vista International's 1H26 result has been described as "solid" with a positive change to box office, forex and customer migration momentum. Market share grew to 48% from 46%. FY26 revenue guidance has been lifted by 1% to NZ$182m. Macquarie notes the company paints an "optimistic" picture of US box office outcomes for the remainder of the year. Management also indicated major customer gains over May and June have reinforced demand for Vista Cloud. Earnings forecasts have been upgraded. Two Buy ratings versus Macquarie on Neutral.

Vitrafy Life Sciences delivered a net loss in FY26 that was slightly better than Bell Potter estimated as grant funding was higher than expected. Operating cash outflow was double the prior year but slightly better than the broker had anticipated as the company ramped up its commercial, scientific and regulatory costs to establish the US business and FDA submission. While Vitrafy Life Sciences is not yet funded to reach break-even, Bell Potter expects substantial commercial progress before the next funding round in 12-18 months. Ord Minnett's forecasts have been updated to reflect a faster US installed-base rollout, US$10 per unit consumables pricing from FY28 and higher investment in the US team. Two Speculative Buy ratings.

Viva Energy’s 1H26 result was broadly in line with expectations, with strong cash generation and a substantially higher-than-expected dividend the key positives. UBS highlights falling debt and upgrades earnings forecasts on expectations refining margins will remain higher for longer. Macquarie sees greater longer-term upside from capturing more fuel import economics than from the retail store rollout. Morgan Stanley points to strong Commercial & Industrial performance and planned cost savings across the Convenience network. Ord Minnett remains positive on the outlook for elevated Geelong refining margins. Four Buy-equivalent ratings.

Morgans saw Viva Leisure delivering a strong FY26 financial result that delivered a maiden dividend. The company achieved record revenue of $237.1m, exceeding guidance across all key metrics after deliberately slowing greenfield expansion to focus on network optimisation. Average members per club rose to a record 1,351 alongside portfolio utilisation exceeding 80%, while EBITDA margins expanded 50 basis points to 47.4%. Forecasts have been lifted. Buy.

Vysarn’s FY26 result contained few surprises following its July pre-release, although NPAT of $15.1m was ahead of Morgans’ forecast due to a lower tax charge. The broker highlights positive momentum across the Advisory, Industrial and Technology divisions. Vysarn is seen as evolving into a multi-jurisdictional, vertically integrated water operator, with progress on the Kariyarra Water Scheme providing further support for the growth outlook. Buy.

Wagners Holding Co's FY26 result beat both prior guidance and expectations. Morgans notes strong demand in South East Queensland remains unabated, with key Construction Materials and Composite Fibre Technologies divisions delivering robust earnings growth. Input costs are expected to pose a drag in FY27, though top-line growth should offset this pressure and support projected earnings per share growth of roughly 10% in FY27 and 16% in FY28. The stock trades in line with domestic and offshore peers while offering superior growth over the next three years alongside potential Olympic-related catalysts. Morgans reiterates its Buy rating.

Waypoint REIT’s 1H26 result was in line with Morgan Stanley’s expectations, with EPS of 8.59c and 2026 guidance maintained at 17.14c. Lease renewals were the key positive, with 26 of 28 leases expiring in 2026 renewed at an average positive leasing spread of 10.3%. The analyst remains cautious given around 7% of rental income faces expiry in 2027, followed by several years of elevated expiries. Interest rate risk is less of a concern, with the majority of debt hedged through 2027. One Sell-equivalent. Awaiting an update from Morgans.

Initial responses suggest Wesfarmers' FY26 was broadly in line with expectations. Bunnings benefitted from unseasonably dry July weather. Citi highlights softer early trading at Kmart and Officeworks relative to consensus expectations, while FY27 capex is guided to $1.3-$1.5bn and net interest expense is expected to increase. Early FY27 retail trading was softer than UBS and consensus forecasts across Bunnings, Kmart and Officeworks. One Accumulate rating, versus three Neutral/Hold ratings and two Sells (on valuation).

Whitehaven Coal's FY26 underlying NPAT of $227m was weaker than expected and management provided what looks like conservative guidance for FY27. Higher capex also weighs on the near-term outlook. UBS notes net debt of $1.33bn was better than forecast and the 10cps dividend was supplemented by a further $47m buyback. Earnings forecasts are reduced. Morgans downgrades to make it three Neutral/Holds versus two Buy ratings. One more update is pending.

WiseTech Global’s FY26 result was broadly in line with expectations, although the underlying CargoWise growth trajectory remains the key focus for analysts. Macquarie believes EBITDA guidance is conservative, with US$115m of annualised cost reductions already identified and further potential savings from around 800 additional headcount reductions and the E2Open consulting exit. UBS offers the e2Open transformation is expected to take several years due to the complex issues around product standardisation. Morgan Stanley concludes the FY26 results have de-risked the story. The missing ingredient is a return to high revenue growth. Seven Buy ratings on a sharply derated share price.

Woodside Energy’s 1H26 result was slightly ahead of expectations, with EBITDA and profit beating consensus and the interim dividend also coming in ahead. Macquarie highlighted the new US$350m annual cost-reduction target from 2028 as a key positive, although cash flow was softer and gearing moved slightly above the target range. Production guidance remains broadly unchanged, with first LNG from Scarborough expected in the December quarter. Citi expects investors to focus on improved costs and the new capital allocation framework, while Macquarie sees M&A as a potential avenue to unlock further shareholder value. Morgan Stanley flags modest downward pressure on consensus EPS over the next 12 months. One Buy, four on Neutral/Hold and Ord Minnett on Sell.

Woolworths Group’s FY26 result was modestly ahead of expectations, with Australian Food the key driver and early FY27 sales showing further acceleration. Citi highlights the strong trading update as supportive following recent share price weakness, although some of the growth reflects the Ooshies promotion while Big W remains challenged. UBS focuses on strong cash conversion but remains cautious given Woolworths’ elevated valuation, subdued NZ Food performance and expectations for higher corporate costs. Morgan Stanley highlights that while store execution and above-store cost savings remain supportive, trading conditions in New Zealand and Big W are expected to remain challenging. One Accumulate, three Neutral/Holds and three Sell ratings.

Worley’s FY26 result was broadly in line with expectations, but brokers focused on the weaker backlog and FY27 guidance below consensus. Underlying EBITA fell -11% y/y,  reflecting Middle East project disruption and adverse FX, while the backlog declined materially as project completions outpaced new wins. Macquarie and Citi remain constructive on valuation and longer-term opportunities across LNG, power and resources, while UBS and Ord Minnett highlight the risk around guidance relying on a stronger 2H27 recovery in Middle East activity. Two Hold ratings. Three Buy-equivalent ratings.

Bell Potter made no major changes but reading between the lines, Wrkr's FY26 didn't quite meet expectations. The loss of -$5.9m was a touch smaller than previously guided. Bell Potter comments the result reflects contracted revenue converting more slowly than a cost base that is already mature. Morgans lowers FY27 and FY28 EPS forecasts by more than -10%, mainly due to higher D&A assumptions but remains positive on Wrkr's longer-term growth opportunity. One Speculative Buy and one Buy.

Zip Co’s FY26 result was better than expected, with cash EBITDA up 58% y/y and FY27 guidance also ahead of market forecasts. UBS, Macquarie and Ord Minnett see continued momentum from US TTV growth of more than 30%, improving funding costs, operating efficiencies and well-controlled bad debts, with UBS lifting FY27-FY29 cash EBITDA forecasts by an average 11%. Citi is also positive on the FY27 earnings outlook, although slowing US TTV growth and flat customer numbers in 4Q26 remain areas to watch. Four Buy-equivalent ratings.